Congress failing to act to control oil prices

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.