From: Think Progress
By Climate Guest Contributor
Lee Fang in a Think Progress repost.
In recent weeks, gas prices around the country have surged to levels unseen since the 2008 oil spike. However, market fundamentals are not driving the nearly $4.00/gallon gas prices. In fact, under the Obama administration, oil production is at record highs and there is adequate global supply of crude. As Commodity Futures Trading Commission (CFTC) commissioner Bart Chilton has explained, rampant oil speculation, which is at its highest level on record right now, is to blame for current prices.
Currently, the public knows very little about the oil speculation industry because a conservative majority on the CFTC has refused to implement a mandate from the Dodd-Frank Wall Street reform bill to curb abuses.
Meanwhile, Republicans are pushing steep cuts to the CFTC, hampering any new rules on oil speculation that may be released later this summer. Fortunately, both the Securities and Exchange Commission and the CFTC have so far survived the latest round of budget cuts. MORE