Speculation on oil futures by Wall Street hedge funds, Goldman Sachs, J.P. Morgan Chase and other financial investment houses are driving oil and gas prices much higher than they should be based on supply and demand fundamentals. Unregulated speculation on oil futures, by some accounts, makes up for 25 percent to 50 percent of today's $126-a-barrel cost of oil. In essence, Wall Street firms are making billions as they artificially drive up oil prices by buying, holding and selling huge amounts of oil.
"As we fight to lower the outrageously high price of oil and gas, it's imperative that we not only address the greed of the big oil companies, but that we take a hard look at the excessive unregulated speculation in oil futures which is taking place on Wall Street.
"There are some economists who believe that the speculation by companies like Goldman Sachs may be driving up oil prices by as much as 50 percent.
"I will be introducing legislation to bring some clarity to this issue."