Due to the implementation of the Commodity Futures Modernization Act of 2000, our oil market has been left vulnerable to speculation, manipulation and volatility. OPEC estimates that around $30 per barrel of oil is due not to the general economic laws of supply and demand, but to speculation. Approximately 70% of contracts for oil in our country are bought and sold by individuals that have no practical use for, and will never take possession of, the oil they purchase. Our economy would greatly benefit from the increase in buying power the average household would experience if this speculation was no longer allowed to continue. We urge you to end the ongoing reaping of financial benefit by the few at the cost of the citizens and overall economy of America.
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