Bart turns up heat on oil speculators

NEWS RELEASE

CONGRESSMAN BART STUPAK 1ST CONGRESSIONAL DISTRICT OF MICHIGAN

************************* Stupak unveils new report on energy speculation

Continues to push for passage of PUMP Act to rein in speculators

WASHINGTON - U.S. Congressman Bart Stupak (D-Menominee), chairman of the House Energy and Commerce Subcommittee on Oversight and Investigations, joined House and Senate colleagues today in releasing a new report about the vast size and influence of speculators in the oil futures market.

Stupak continued his charge to stop excessive oil speculation through federal legislation.

Michael Masters of Masters Capital Management, who testified before Stupak’s subcommittee on June 23, and Adam White of White Knight Research & Trading were on hand to discuss the findings of their independent report.

The report outlines how speculators drove oil prices to record levels this summer, and then suddenly switched their position and “began a mass stampede for the exits” starting on July 15.

“The Masters report shows in the clearest possible manner that it is not the fundamental supply and demand of oil driving up prices,” Stupak said. “The only supply and demand this report shows is the supply and demand of money. As speculators pour more money into the energy market, prices go up. As they pull their money out, prices go down.”

Stupak first introduced legislation to rein in excessive speculation in April 2006.

As chairman of the Oversight and Investigations Subcommittee, he has held two hearings on excessive energy speculation and in June introduced H.R. 6330, a more comprehensive version of his Prevent Unfair Manipulation of Prices (PUMP) Act.

“Excessive speculation in the energy and agricultural commodity markets is driving prices to all-time highs and squeezing the budget of every American family,” Stupak said. “Congress must take action to place limits on speculators and force the Commodity Futures Trading Commission (CFTC) to do its job of overseeing these markets. I will continue to work with my colleagues and House leadership to pass comprehensive energy speculation legislation to bring sanity back to the markets and relief to consumers.”

PHOTO CAPTION: U.S. Congressman Bart Stupak (D-Menominee) today joined House and Senate colleagues in releasing a new report about the vast size and influence of speculators in the oil futures market. Stupak continues his charge to stop excessive oil speculation through the passage of federal legislation.

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