Public Citizen is a non-profit organization that has been dedicated to serving as the ”people’s voice in the nation’s capital since 1971." And now they are taking on reckless Oil Speculation by Wall Street traders. Excessive Oil Speculation has the effect of driving up energy costs. As a result, Americans end up paying more for fuel. For “every gallon of gas you buy, 65 to 70 cents goes right into the pockets of Wall Street traders.”
This manipulation of the market is currently legal, however, the only thing achieved by artificially inflating prices is making traders richer. Speculation has absolutely nothing to do with the costs of finding, refining or distributing oil. Public Citizen would like you to know that in 2010 the Wall Street Reform and Consumer Protection Act gave the Commodity Futures Trading Commission (CFTC) the authority to limit speculation.
Unfortunately, the CFTC has not only failed to act so far, it just postponed a vote on a rule intended to crack down on oil speculation scheduled for September 22 after a huge lobbying campaign by Wall Street. This is why Public Citizen wants you to sign this petition to push Chairman Gary Gensler to limit practices that give Wall Street speculators huge profits while driving up energy costs.
The reform is made to place restrictions on how big a chunk of the oil market a single trader, like Goldman Sachs, can control. Make sure to let your voices be heard and sign the petition before the vote scheduled for next month.