Gas prices not making sense, so… Senator Bernie Sanders wants new legislation.
A news release from the Senator’s Office says, “U.S. oil consumption is expected to go down by one million barrels a day compared to last year. Meanwhile, the supply of oil in the U.S. is higher today than it was 37 years ago. The fundamentals of supply and demand do not explain why gas prices have gone up 44 days in a row and why oil prices have more than doubled in the past four months.”
In the release the Independent Senator from Vermont blames speculators, “for gaming world energy markets.” Senator Sanders introduced a bill allowing federal regulators invoke emergency powers to stop speculation.
The release states, “Sanders’ legislation would direct the Commodity Futures Trading Commission to stop sudden or unreasonable fluctuations or unwarranted changes in prices.”
Another release from the Senator’s office quotes the Senator Sanders saying, “The last thing people need now is to be ripped off at the gas pump because speculators on Wall Street -- some of the same people who received the largest taxpayer bailout in U.S. history -- are allowed to jack up oil prices through price manipulation and outright fraud.”