Oil speculation doesn’t produce or conserve energy. It doesn’t fill a single car or power a single small business. And a recent report showed that this adds a 56-cent premium to every gallon of gasoline.
Traders on Wall Street buy and sell oil with no intention of ever using it, hoping to make a quick buck. It’s just a game designed to make money for wealthy gamblers on Wall Street who do absolutely nothing to find, extract, or refine the oil themselves. A few of these guys might win big — but middle class families lose every time.
I am one of the millions of Americans who pay the price for excessive oil speculation — and I want it to stop.
We fought hard to pass financial reform that gives the Obama administration the tools to stop excessive oil speculation. Now it’s time for President Obama to tell Wall Street that the game’s over.
Signed,
YOUR NAME HERE
