In light of America’s reliance on foreign oil, it is necessary to crack down excessive energy market speculation that has increased oil price volatility and impacted consumers.  I believe that the U.S. Senate must take aggressive and immediate steps to stop inappropriate energy and commodity market speculation. 

According to many analysts, gas prices can be scaled back significantly by reining in speculators. Oil company executives agree that oil prices rose by as much as $60 a barrel during the summer of 2008 because of this type of speculation.  To that end, I supported debate and passage of the Stop Excessive Energy Speculation Act (S. 3268), which would reduce oil market speculation.  Although the bill was filibustered, I remain determined to bring an end to artificial increases in the price of oil.

To advance this issue, I have supported a range of legislation to insert more transparency into the process and to restore oversight and regulatory authority in the energy commodities markets.