Congress failing to act to control oil prices

Target:

All affected by speculation in the oil and gas markets and higher prices

Sponsored by:

On May 20, 2008 the US Senate heard testimony from Michael Masters, a hedge fund manager concerning the drastic rise in oil and gas prices. Mr. Masters provided a compelling presentation showing that most of the run up in oil and other commodity prices have been caused by Index speculators. This new group of speculators serve no benefit to the commodities market other than their own profit from price movement. In addition to a lack of regulation in the commodities market there has been an acceleration of Institutional Investors, government pensions, Sovereign Wealth Funds, and University Endowments in the commodities markets. These speculators only absorb supply forcing prices higher and higher by rolling their futures contracts month to month. What is a Sovereign Fund? Below is a list of the largest sovereign funds. Many of these funds are oil producing countries.

(http://en.wikipedia.org/wiki/Sovereign_wealth_fund).
For the full testimony with charts click on this link. http://hsgac.senate.gov/public/_files/052008Masters.pdf

We are clearly being taken advantage of as consumers of oil and gas by a group of speculators in an unregulated market. Why has congress continued to be passive while consumers pay prices inflated up to 60% higher than the actual price. Are they afraid to expose the institutions and players that are responsible for the run up? Tell your congressman and senators that to take swift action now. We are getting impatient! They should not wait for protests like those that started today in Spain.

commodity prices have been caused by the unregulated commodities market and the acceleration of Insititutional Investors, government pensions, Sovereign Wealth Funds, and University Endowments. These investors only absorb supply forcing pricess higher and higher by rolling their futures month to month. Whats a Sovereign Fund? See this list for the largest soveregn funds. The top funds will shock you. (http://en.wikipedia.org/wiki/Sovereign_wealth_fund). For the full testimoney with charts click on this link. http://hsgac.senate.gov/public/_files/052008Masters.pdf Fellow citizens we are being taken advantage of by these funds and this unregulated commodities market. Take action, tell the congress we are not going to take it anymore!!!

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We signed the "Congress failing to act to control oil prices" petition!

# 55:

1:35 am PDT, Sep 25, Can Atik, Turkey

# 54:

2:03 pm PDT, Sep 18, Simos Tarabatzis, Greece

# 53:

12:34 am PDT, Sep 15, Name not displayed, California
Enough is enough, put joe blow in office he would do a better job.

# 52:

6:02 am PDT, Sep 9, Jean Bremer, Illinois

# 51:

7:28 am PDT, Aug 2, Andi Alnwick, New York

# 50:

10:51 am PDT, Jul 15, Christopher Dillard, Oklahoma

# 49:

7:32 am PDT, Jul 13, Rebecca Kinney, Pennsylvania
The gov't is out of control, who are they supposed to be representing? They want to help irresponsible mortgage companies who loaned $300,000 for a home to someone who works at McDonalds, while we sit and wait as winter looms closer, wondering if we are going to freeze to death this winter, because we cant afford to heat our homes. I am tired of the governments' loyalty to special interest groups, big business, and the fact that they ignore, the individuals citizens in this country. Obama...McCain.....dont talk to me about the war in Iraq, health insurance, etc... tell me how I am going to afford to heat my house this winter!!!!!!!!!!

# 48:

1:30 am PDT, Jul 13, Name not displayed, Kentucky

# 47:

12:34 pm PDT, Jul 10, Jodi Middlebrook, Arizona

# 46:

3:25 pm PDT, Jul 8, Dave Schroeder, Iowa
I worked hard to get a democratic majoraty in the house & senate. Now I would like to see them do something instad of nothing, show some back bone or count me OUT, Next time I vote for Micky Mouse,(no differance).

# 45:

3:36 pm PDT, Jul 2, Candace Penner, California

# 44:

6:15 am PDT, Jul 2, Name not displayed, Germany

# 43:

11:29 am PDT, Jun 30, Ronald Jones, Georgia
As you may have noticed from my email address, I am an airline employee so the ever increasing fuel prices are of considerable concern to me. Please act now to pass legislation to counter out-of-control speculation in the energy markets.

# 42:

2:23 am PDT, Jun 30, Rachel Strzelecki, Missouri

# 41:

8:14 pm PDT, Jun 26, Michael Smith, Michigan
The Bush administration allowed this mess to happen. It was his payoff to big oil. Bush sold out and should be imprisoned with the rest of his cronies who have sworn to protect the interests of the people of this country....not the few elites. His is themost corrupt administration in US history and our country has hit a new low. Something needs to be done by honest, law-abiding people to end his reign of corruption and give government back to the people.

# 40:

12:18 pm PDT, Jun 23, Name not displayed, Texas

# 39:

2:16 pm PDT, Jun 21, BiLL Fowlie, Maine

# 38:

10:51 pm PDT, Jun 19, Rai Frederick, Arizona

# 37:

2:28 pm PDT, Jun 19, Roxie Schliesman, Wisconsin

# 36:

7:11 pm PDT, Jun 18, Gale Weaner, Texas

# 35:

11:07 am PDT, Jun 18, Rachel H, Ohio

# 34:

9:01 am PDT, Jun 15, Frances M. Amaya, Texas
Forget about oil! We should be looking at renewabe energy. One day pretty soon, all the fossilized dinosaur "fuel" will be gone and then we'll have no choice but to utilise methods that are better for the environment and our pocketbook. Why wait?

# 33:

12:36 am PDT, Jun 15, Kerri Cawthon, Oregon

# 32:

4:32 pm PDT, Jun 12, Jennifer Lachney, Louisiana

# 31:

11:40 pm PDT, Jun 11, Victoria Thomas, Wyoming

# 30:

9:53 am PDT, Jun 11, Pam Boland, Georgia

# 29:

7:56 am PDT, Jun 11, DAWN CULLIN, New York

# 28:

7:55 am PDT, Jun 11, LINDA CULLIN, New York

# 26:

10:14 am PDT, Jun 10, Ginger Geronimo, Alabama

# 25:

11:15 pm PDT, Jun 9, Aleasha Casaretto, Texas
Congress wont act because the higher oil goes the more taxes and revenue the govenment make,thats all they care about,WEALTH. How about releasing some of the oil reserves for example?? WE ARE GETTING FED UP AND IMPATIENT. You are failing your Country and fellow Americans. It's obvious by now that they don't intend to act; too many of them are receiving profits from this, have friends or donors who do, or are just waiting for someone else to offer a solution.

# 24:

9:28 pm PDT, Jun 9, Beth Trivette, North Carolina

# 23:

5:16 pm PDT, Jun 9, Louise Lanham, Texas
It's obvious by now that they don't intend to act; too many of them are receiving profits from this, have friends or donors who do, or are just waiting for someone else to offer a solution. If this is the case, our system is badly broken. They are supposed to represent US!

# 22:

2:14 pm PDT, Jun 9, Patrice Wallace, Michigan
You are failing your Country and fellow Americans.

# 21:

11:10 am PDT, Jun 9, Tracey Carter, Ohio

# 20:

10:27 am PDT, Jun 9, Danielle LeBoeuf, Florida
WE ARE GETTING FED UP AND IMPATIENT. YOU ARE NEGLECTING YOUR FELLOW COUNTRYMEN. YOU ARE FAILING YOUR COUNTRY.

# 19:

8:35 am PDT, Jun 9, Name not displayed, Ohio

# 18:

3:25 am PDT, Jun 9, Thomas Pirovano, Switzerland

# 17:

6:23 pm PDT, Jun 8, Mike Pert, New York

# 16:

6:23 pm PDT, Jun 8, Yariv Leers, New York

# 15:

6:21 pm PDT, Jun 8, Frank Kunkel, New York

# 14:

6:20 pm PDT, Jun 8, Hon.Howard Birnbaum, New York

# 13:

6:19 pm PDT, Jun 8, Joe Tobia, New York

# 12:

6:19 pm PDT, Jun 8, Arline Wrecker, New York

# 11:

6:18 pm PDT, Jun 8, Eric Waxman, Pennsylvania

# 10:

6:16 pm PDT, Jun 8, Melissa Marks, New York

# 9:

6:14 pm PDT, Jun 8, Jeff Fischman, New Jersey

# 8:

6:13 pm PDT, Jun 8, Seth Stern, New Jersey

# 7:

5:39 pm PDT, Jun 8, Lyn Gottschalk, Wisconsin
How about releasing some of the oil reserves for example??

# 6:

5:30 pm PDT, Jun 8, Steve Dale, Australia
Congress wont act because the higher oil goes the more taxes and revenue the govenment make,thats all they care about,WEALTH.

# 5:

4:43 pm PDT, Jun 8, Tracy Heck, Florida

# 4:

4:18 pm PDT, Jun 8, Name not displayed, New York

# 3:

1:55 pm PDT, Jun 8, Gary Darrar, New Jersey

# 2:

1:32 pm PDT, Jun 8, Name not displayed, Kentucky

# 1:

12:53 pm PDT, Jun 8, Jeff Carlson, Arizona

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