Washington, Jun 26, 2008 - “One estimate puts the cost of oil speculation as high as $50 per barrel of oil,” said Rep. Cliff Stearns (R-Ocala). “The skyrocketing cost of gasoline is tearing a massive hole in the family budget, and we must take steps to remove unfair investment practices as a contributor to the high cost of crude oil. At $4 a gallon for gasoline, the Average family will pay $400 more for gas than in 2007.”

The House today approved H.R. 6377, the Energy Markets Emergency Act. The measure directs the Commodity Futures Trading Commission (CFTC) to immediately curb the role of excessive speculation in any contract market within its jurisdiction and control, or through which energy futures or swaps are traded. H.R. 6377 also directs the CFTC to eliminate excessive speculation, price distortion, sudden or unreasonable fluctuation, as well as any other unlawful activity that causes market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.