$4 a Gallon
April 4, 2012
The price of a gallon of regular gas at some Vermont service stations topped $4 on Wednesday. Prices were just pennies away from the record average high price in Vermont of $4.09 set back in 2008 . Both statewide and nationwide, the average price on Wednesday was $3.93, according to AAA. Sen. Bernie Sanders has introduced legislation that would require the Commodity Futures Trading Commission to use its emergency powers to eliminate excessive oil speculation. There is widespread consensus that speculators are to blame for the rampant run up in gasoline prices. An internal report by Goldman Sachs, a major oil speculator, said 56-cents-a-gallon is a result of rampant speculation in the oil futures market. That's an $11.20 speculator surcharge on a 20-gallon fill-up. Exxon Mobil, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America and the Federal Reserve Bank of St. Louis all say excessive oil speculation significantly increases oil and gasoline prices.