Second District U.S. Congressman Joe Donnelly this week commented on the rapidly increasing gasoline prices at the pump, by going after the speculators.
“We are going after the speculators who I think are driving the market up. I have sent a letter this week to go after these speculators. I think what they are doing to the American people is shameful,” Donnelly said.
At least one of the Republican presidential contenders, Newt Gingrich has been campaigning on lower gas prices by saying in campaign speeches that he would bring prices down to the $2.50 a gallon level. Donnelly invited Gingrich to join him in going after the speculators.
“The best thing Newt could do to help everybody is to go after the speculators, and try to get the people who are causing the price increases out of the market,” said Donnelly.
Donnelly and others in congress are attempting to make it harder for the speculators to trade in the futures by forcing the buyer to take actual delivery of the product. Republicans have also called for more U.S. Production.
Both parties agree that oil prices will be unstable until a resolution to the Iranian Nuclear program problem is settled. Iran has threatened to shut down the Strait of Hormuz if attacked, or other sanctions are sought. That would cut off 2.2 million barrels a day to the world markets. The U.S. is banned from receiving oil from Iran.