The price of gas has skyrocketed. An average gallon of gas cost $3.85 in Ohio. A barrel of oil costs 103 dollars and 52 cents. As much $15 to $18 dollars towards that price is attributable to speculation. We pay more for gas so profiteers can make money off speculation. On March 2, I demanded that the Commodity Futures Trading Commission invoke the Commodity Exchange Act to enact stricter oversight of oil speculators on Wall Street.
Today, President Obama announced a plan to crack down on market manipulators and provide stricter oversight of financial markets, in part by invoking the Commodity Exchange Act. That plan includes putting more cops on the beat, upgrading technologies, and increasing penalties.
The President's plan is a major step in the right direction. But we can't stop there. We need to end the speculation on Wall Street and implement a windfall tax on oil companies have that gotten record profits by gouging American consumers.
The best way to reduce gas prices in the long term is to make renewable energy more competitive. In January, I introduced the Gas Price Spike Act. It would address rising gas prices by placing a windfall profit tax on oil companies and use that money to provide tax credits for the purchase of ultra efficient vehicles and providing federal grants to reduce mass transit fares. (Learn more by clicking the link in the comments.)
It is clear that American consumer interests are being overlooked in the quest for global corporate profits. We must protect the fragile economic recovery. It's time to get serious about the rising price of gasoline and its time to get serious about investing in the future energy needs of this nation.
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