Rep. Bart Stupak Pump Act Attempts To End Excessive Commodities Speculation

by Darren

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Michael Masters of Masters Capital Management testified before congress today that oil speculators are playing a great role in the high cost of crude oil. According to the testimony by Masters to the House Energy and Commerce Committee, crude prices could quickly drop from $135 per gallon to $65 or $75. Other analysts present at the meeting agreed with his assessment.

Rep, Bart Stupak has introduced the Pump Act, to try and stop excessive speculation in the commodities market.

Rep. Bart Stupak, D-Michigan, said that oil industry experts have agreed that speculation is causing $35 a barrel of price increases. Oil is now a financial asset. Commodity trading is now a massive market that is creating havoc in the markets and high consumer prices.

Stupak wants to end excessive speculation in crude oil. Check out the whole video from C-Span. His arguments are certainly compelling. The rise in commodity index funds is driving the price of commodities up worldwide.

Stupak has received broad support for his PUMP Act.

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