Coalition to Stop Oil Speculation Now

Ethical MarketsTrendspotting

The price of a barrel of oil has now dropped by more than $100 from its July high. A gallon of gasoline is now about $2 less than it was last summer; you played a role in making that happen. Your efforts — e-mails, letters and calls — to engage Congress in addressing the role that financial speculators had in the price shock, and the resulting groundswell of congressional interest in the gaps in regulating speculation, were a major force behind investors abandoning the speculation market, and the plummeting price of oil. We thought you would be interested in seeing a recent CBS 60 Minutes segment that confirms the role of unchecked oil speculation in the oil price run-up.

http://www.cbsnews.com/video/watch/?id=4713382n

Congress has now reconvened, President Obama has been inaugurated, and the congressional leadership has begun to address the inordinate role of financial players in the commodities market. Over the coming months, we will keep you informed of steps that you can take to keep up the pressure that is necessary to move Congress to enact comprehensive energy legislation that embraces conservation, increases domestic supply in an environmentally sound manner and addresses excessive speculation in the oil futures markets.