SEN. SANDERS TALKS DIRTY WALL STREET OIL SPECULATION W/ MAD MONEY'S CRAMER
Wall Street speculators are artificially driving up the cost of gas, and everyday citizens are paying the price. According to the non-profit organization Public Citizen, for “every gallon of gas you buy, 65 to 70 cents goes right into the pockets of Wall Street traders.” In this episode of CNBC's Mad Money, host Jim Cramer discusses the effects of oil speculation on gas prices. His guest is none other than Senator Bernie Sanders of Vermont, whom he names as his hero in regards to the issue of Oil Speculation, and “one of the most principled guys in Washington.
Sanders is very tough when it comes to the issue of gas prices. Recently, he has even gone so far as to go "release confidential records from the CFTC… which documented the power of oil speculators.”
In response to the question that’s on everybody’s mind: How is this even possible in our Democracy? Sanders had the following to say:
What is going on now is not supply and demand. What's going on is excessive speculation, what Congress did in Dodd-Frank is say to the Commodity Futures Trading Commission "you got to deal with this." They have ignored the law. They have not yet dealt with it. How powerful are these interests that they are able to stop it even after Congress passed a bill and the President signed it? these are some of the most powerful people in the world. They make huge amounts of campaign contributions; they have lobbyists running all over this place. What they do not want is the American People to understand that the price that they're paying at the gas pump is artificially inflated because of the excessive speculation. And they're working day and night to prevent that disclosure from taking place.
Sanders also points out that CFTC Chairman Gary Gensler has recently relayed startling new information: “over 80% of the oil futures market is controlled not by users but by speculators.”
Perhaps it’s time the American people, as Senator Sanders mentions, to ”write to the commodities future trading commission, and say Mr. Genslor … let's get action. let's not have weak rules, but strong rules.” End with this sentence: Click here for a petition from Public Citizen to stop Wall Street Oil Speculation.
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