Statement: Sanders on Oil Trading Limits

BURLINGTON, Vt. January 14 – Sen. Bernie Sanders (I-Vt.) issued the following statement after the Commodity Futures Trading Commission voted today to propose new limits on trading in energy futures:

“While I commend the commission for coming up with reasonable limits on excessive oil speculation, I am very disappointed that this proposal as currently written will not go into effect until March of 2011.  We need to stop Wall Street from jacking up oil prices and we need to do it now.  My constituents are already paying too much for heating oil to stay warm this winter.  Under this proposal, speculators will be able to artificially increase gasoline prices through the summer driving season and into next winter.  That is wrong.  The CFTC has the power and the responsibility to stop excessive oil speculation in its tracks.  American consumers and small businesses deserve no less.”