Statement on President Obama's Oil Market Proposal, Washington, DC
CFTC Commissioner Bart Chilton
April 17, 2012
“I commend the President and certainly welcome additions to our regulatory tool box.
His plan will make those contemplating push'n ‘round our energy markets think again. Anybody who fills up a tank gas knows that some relief from unfair prices is sorely needed. Consumers are saying: ‘I'm tired of Wall Street making a meal outta me at the pump.’
I appreciate the President’s effort to boost our agency’s market surveillance and enforcement efforts through staffing and technology and to increase the penalties on those caught engaging in market manipulation.
It is critically important that we kick-start the bureaucracy and get speculative position limits in place, now. We have been turning procrastination into an art form by not doing what Congress and the President clearly told us to do. They mandated that we curb excessive speculation by implementing limits on the amount of a market any one trader can control. That is one problem: the bureaucracy has been slow, but another major problemo is that Wall Street has taken the government to court to stop the new rules from being put in place.
We continue to see excessive speculation in these markets and what the President has called for can help reduce some of the pump price pain on consumers and businesses alike.”
Last Updated: April 17, 2012