GAS PRICES
The profit motive vs. the planetary motive
The March 24 story "Lawmakers say 'excessive' speculation drives up gas prices" seeks balance by giving the other side of the issue with regard to the impact of speculation in oil trading. Sens. Al Franken and Amy Klobuchar of Minnesota are right, however, that speculation has caused unfair prices. Even Goldman Sachs, in a research report from last year, acknowledges this fact.
Consumers are paying an extra Wall Street "speculative premium" every time they fill their tank. Not only is that unfair (as the senators rightly contend), but high energy prices also slow our economic recovery.
Our agency, the Commodity Futures Trading Commission, is trying to implement trading limits on Wall Street speculation, but guess what: Wall Street speculators have been in federal court for months trying to stop us.
Despite these delay tactics, regulators will keep making efforts to do what the senators, and the law, require: implement thoughtful limits on the amount of speculation in these critically important markets.
BART CHILTON, WASHINGTON, D.C.
The writer is commissioner of the U.S. Commodity Futures Trading Commission.
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Eric Wieffering's March 25 column offered some interesting views on why higher gas prices might not be a bad thing. They're certainly a good thing for Republican candidates (and the big-oil PACs that underwrite them) who want to blame President Obama for this and everything else they deem wrong with the world.