http:\/\/www.commondreams.org\/newswire\/2011\/06\/15-6<\/p>\n
FOR IMMEDIATE RELEASE June 15, 2011 2:25 PM<\/p>\n
CONTACT: Public Citizen Phone: 202-588-1000<\/p>\n
Statement by Robert Weissman, President, Public Citizen<\/p>\n
WASHINGTON – June 15 – Legal speculation is siphoning money from the pockets and pocketbooks of consumers.<\/p>\n
Even Goldman Sachs suggests that legal speculation may be adding 65-70 cents to the price of a gallon of gasoline.<\/p>\n
Speculators, in other words, are imposing a private tax on us.<\/p>\n
This is the worst kind of tax. The proceeds of this Wall Street-imposed tax are going to Wall Street interests, giant oil companies and foreign oil interests. The Wall Street-imposed tax is regressive, with working families hit the hardest. And the unpredictability and impermanence of this Wall Street-imposed tax means that \u2013 while it imposes costs on consumers and the economy \u2013 it does not do much to shift consumer and investment decisions toward efficiency.<\/p>\n
We, the People are not helpless in the face of this legalized rip-off. We can crack down on out-of-control legal speculation with available tools. The Wall Street Reform and Consumer Protection Act directed the Commodity Futures Trading Commission to enact position limits to eliminate excessive speculation. But the CFTC has failed to act.<\/p>\n
Now comes Sen. Bernie Sanders\u2019 End Excessive Oil Speculation Now Act to mandate immediate action by the CFTC to end the Wall Street-imposed oil tax. The legislation would end Wall Street\u2019s authority to rip off consumers. Public Citizen strongly supports the End Excessive Oil Speculation Now Act. We need it right now.
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\nPublic Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts. <\/p>\n","protected":false},"excerpt":{"rendered":"
http:\/\/www.commondreams.org\/newswire\/2011\/06\/15-6 FOR IMMEDIATE RELEASE June 15, 2011 2:25 PM CONTACT: Public Citizen Phone: 202-588-1000 Statement by Robert Weissman, President, Public Citizen WASHINGTON – June 15 – Legal speculation is siphoning money from the pockets and pocketbooks of consumers. Even Goldman Sachs suggests that legal speculation may be adding 65-70 cents to the price of a … Continue reading Commondreams.org: Public Citizen: End Excessive Oil Speculation Now<\/span>