WASHINGTON, DC – Following introduction of the Stop Excessive Energy Speculation Act of 2008 (S. 3268), U.S. Senator Maria Cantwell (D-WA), a key figure in bringing attention to problems in the oil futures markets, urged her colleagues in Congress, and the President, to act quickly to let the air out of the oil price bubble and provide American families and businesses with some relief from today’s sky high gasoline prices. 

 

"For months, I have been calling on my colleagues in Congress on both sides of the aisle to establish a clear, bright line in the oil and gas markets to protect American families and businesses from excessive speculation and possible manipulation that could be leading to today’s record high gas prices,” said Cantwell. “I applaud Senate leadership for combining the best legislative proposals from both sides of the aisle and moving ahead with a Senate vote.  And while this bill has real teeth, we need to make sure it provides a clear and workable approach so that markets respond accordingly and there is no possible excuse for federal regulators to continue sitting on their hands.  We may already be seeing some of the air coming out of the oil price bubble as traders react to the prospect of Congress clamping down on market abuses. Congress and the President must act quickly and see that this bill is enacted into law; the American people can literally no longer afford to wait.”

 

For months, Cantwell has been working to bring more transparency and oversight over the oil and gas markets.  In April, she called on the Department of Justice to create an Oil and Gas Market Fraud Task Force to examine fraud and manipulation of oil and gas markets.  She has repeatedly called on federal agencies including the Federal Trade Commission and the Commodities Futures Trading Commission (CFTC) to use their existing authority to conduct oversight over the oil and gas markets.  In June, Cantwell chaired a landmark Senate Commerce Committee hearing which served to highlight many of the oil futures market loopholes. 

 

On June 12, Cantwell introduced the Policing United States Oil Commodities Market Act of 2008 along with Senator Olympia Snowe (R-ME), which would shed light on dark markets where some oil futures are traded.  On June 23, she introduced the Prevent Unfair Manipulation of Prices (PUMP) Act, which takes a comprehensive approach to address the loopholes that allow energy traders to evade federal oversight.  And earlier this month, she joined Senators Joseph Lieberman (I-CT) and Susan Collins (R-ME) in introducing the Commodity Speculation Reform Act to add transparency to futures markets and close the door to excessive speculation by tightening key investment laws and clarifying the oversight mission of the CFTC.  

 

Provisions from all of Cantwell’s bills were included in the Stop Excessive Speculation Act of 2008. 

 

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