Congressman Kurt Schrader today supported industry associations in requesting a meeting with the Energy and Environmental Markets Advisory Committee (EEMAC) to address "excessive speculation and manipulation" in oil markets.

In a letter sent to Commodity Futures Trading Commission (CFTC) Chairman Gary Genslar, business associations, both users of oil and gas and entities that market the commodity, join in asking to meet with the Chairman to examine the recent spike in crude oil and refined petroleum products. The EEMAC was permanently established in the Dodd-Frank Wall Street Reform Act to conduct public meetings and submit reports and recommendations to the Commission. However, the last EEMAC meeting was held on September 16, 2009.

"We are drilling more than we have in a long time and are importing less than we have in a long time," Schrader said. "Yet oil prices are still skyrocketing in our global markets, leaving hardworking Americans paying at the pump. This is a prime example of why the CFTC needs to make sure that current market trends are reflective of fundamentals and not by speculators on Wall Street."

The industry associations included in the letter were Airlines for America, American Trucking Associations, Industrial Energy Consumers of America, New England Fuel Institute, and Petroleum Marketers Association of America.