Financial speculators control the price of oil, not consumer supply and demand, which is causing extreme price fluctuations and artificially high costs. Oil is a strategic resource that underlies the cost of everything. Financial manipulation has hurt the American people, and damaged the economy. This is an unconscionable transfer of wealth from the many to the few. The only way there will be any stability is if the Commodity Futures Modernization Act of 2000 and The Financial Services Modernization Act of 1999 are repealed, and along with them, ending the 16 to 1 leverage allowed by current margin rules for oil futures trading; require that all purchasers of oil futures contracts take physical delivery of the oil; and require that all oil futures trading be on a regulated exchange.
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