What's Fueling the Gas Prices?
Sen. Bernie Sanders (I-VT) joins Alan to discuss how Wall Street fuels rising gas prices.
- Duration 9:43
- Date Mar 16, 2012
Sen. Bernie Sanders (I-VT) joins Alan to discuss how Wall Street fuels rising gas prices.
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When -- welcome back you're like you're close Vermont senator Bernie Sanders budgets senator democratic lawmakers.
Seventy when Democrats one independent.
Sent a letter to the Commodity Futures Trading Commission saying that it need to do more to check speculation in the energy market see independent.
Of whom we speak is senator Bernie Sanders -- Vermont.
Senator thanks for coming on didn't talk -- you tell me what needs to be done.
But first -- I think all over the country people are asking themselves why all.
Gas prices and oil prices -- Is that supply and demand that's the usual -- -- -- the fact is the we have more supply today in the United States but we did three years ago when the price of gasoline booked ninety -- We have let the man -- at any time in this country since 1997.
Suppliers outpacing demand the last affordably at two -- one what -- know what is going on.
But we answer I think is pretty clear and that is the oil futures market.
Is heavily dominated not -- what we call and uses people actually use oil.
Airlines -- -- was -- fuel deal as it is dominated -- over 80%.
Bible -- speculators like Goldman Sachs and -- assembly not.
Degree of speculation -- significantly increase over the years that a function island.
All of speculators on the oil futures market it is one thing that has to make as much money as possible to drive prices up.
That's not my opinion alone that is the opinion of the -- was fed that is the opinion.
While many economists and not effective people and -- of Goldman Sachs.
Are the -- -- -- might have.
That's speculation is adding about 56 cents a to a gallon of guess.
Now what makes this whole situation pretty ugly is that during the -- -- Financial reform debate.
Are we put a provision into that bill which was -- That's sent to the an agency called the Commodity Futures Trading Commission that they had to deal with the -- of speculation on the oil futures market -- have to deal with that by January.
Well fourteen months of common -- they still have not dealt with that.
So the demand right now is that they all pay the law they and a situation where some 8085%.
A market is not being used in uses -- point speculators.
And they do everything they can -- that excessive speculation -- -- -- prices for oil and gas to go down.
You know you keep hearing from the opponents of the president that he's not doing enough certainly become fodder in the -- presidential campaign.
Is the president doing enough Kenny do more or is it true that there's very little as chief executive can do to regulate oil -- Well what the Republicans are doing to have them -- true that there are doing this bottle of oil coming in an older enough.
-- the drilling for new -- and so forth practiced with drilling I think more and intent and producing more oil domestically.
But the issue is we have now more supply.
-- we had three years ago.
Typical supply and demand problem and the answer is I think it is not -- demand more supply prices should be going down they -- -- up.
So I think what the Republicans should be on this but and the -- that issue -- Obama.
Supply demand issue that is -- speculation that -- and I would hope that they would address that issue.
-- is the president doing an open Mike you know we -- But I think what you should be doing.
Is speaking out on the speculation -- making -- clear.
That the quality futures trading commission shall be able to their -- -- was speculation and that's the -- but I would like to Williams stopped playing.
The SC FTC of whom you speak.
They've according to one story haven't defined which firms and products are subject to new trading limits.
And according to a Bart Chilton the one of the commissioners says regulators to some extent -- little skittish.
And paralyzed by the potential legal action and that I think might be influencing their action -- likely.
It happens it already but Wall Street.
Other Libyan courts are but they do all the options blocked you know we -- if you all Wall Street develop good friend who oppose this.
Horrendous recession because of their -- didn't end there were illegal behavior market.
Cause nobody ought speculating all of the oil futures -- of course.
They wanna do everything to protect themselves labels -- and try to do every -- to delay any action on the CDs sake.
All of what we believe it's been about what I believe what is the case here's the BF but -- the the emergency power provisions.
And if they determined that the high price of oil today.
Is closed body excessive speculation.
And that excessive speculation is closing at a virtual in this -- which.
I think every American will tell you what is look we all you know our middle class is -- Are people working longer eligible low wages -- if they're lucky enough to have jobs.
We're trying to claw our way out little by little by little out of this horrendous recession that we are -- making a little -- -- progress.
And leave our oil prices are having been negative impact on the recovery so I think this you have to easily have the grounds -- very.
That we -- things speculation are.
Resulting in high oil prices which are closing an emergency situation in the country I think we should use that.
Provision and move aggressively there in the -- -- -- -- Vermont senator Bernie Sanders you spoke with a CFTC chairman.
Gary cancer last week you get any kind of assurance.
Well we do you rekindle the dark about her you know he -- he is considering this and he's considering that.
All but I have not heard from chairman can -- the kind of urgently little I think we need to hear from -- commission.
The president today has been speaking as we do -- again on energy and ridiculing his critics -- saying their base in this letter society and their way back nine in you know.
Acting like it's yesteryear we need to do is really not negate what we can do with solar and wind and he certainly correct to be talking about that.
-- book coming you can -- this energy issue is a huge huge issue.
From an economic point of view we have got to act aggressively and the president of got to work with -- To draw people oil prices don't in any way that we -- -- having a negative impact on the economy.
You know we give tax breaks for the middle class but.
-- -- is going to be not the higher oil principle we've got to do about auto applause and so adequate the president is talking about.
Is that we have got to transform.
Our energy system away from a foreign oil.
And -- because of the global warming crisis but we effectively the world not just America we're -- move away from fossil fuel in general.
And the -- is an aggressive effort.
Toward energy efficiency we all wasting unbelievable amounts of energy.
You know hold -- all buildings and a school in transportation.
We can be creating just a very significant number of jobs through energy conservation energy efficiency and the potential for sustainable energy and global wind geothermal biomass is just extraordinary and again.
We can't be creating.
Millions of -- -- period of years as we transform.
Our energy system ought to do something.
-- -- the a president make the right call the pipeline.
-- -- -- What the puck real there -- a lot of objections to what one of the objections as this is really dirty off.
And -- it weeks there it could cause a real -- any place in the country.
Public health of the ball are gonna go I'm -- I don't wanna speak for the president.
But I definitely should we have got to breach -- determination.
And that is it global warming real -- closings would be a problem.
-- on it right now.
And if we do not address -- significantly will only make.
Other situations where I think with the site that the community will tell you is yes yes yes.
And that means we cannot be continue to be dependent on oil -- especially oil which is particularly dirty oil.
Which in terms of the technical aspects of -- and -- and refining of releases a lot all of a greenhouse gas emissions.
Google turtles ias energy efficiency sustainable energy -- -- we should move aggressively in that direction.
What do you say -- -- landing after this next election do you have any doubt that the Democrats retain the senate.
And or that the president gets reelected.
I'm not much into political speculation -- or like I think is that my Republican friends -- -- -- -- the bush.
-- -- that is more tax breaks for the rich.
While they wanna cut Social Security Medicare and Medicaid they want despite -- the -- out of the Wall Street meltdown which does this recession.
They want more deregulation -- -- eliminate or cut back severely on the Environmental Protection Agency.
So that the air we breathe and the water we tree will be thirtieth.
And they want more -- -- free trade.
Pope which has -- loss of millions of good paying jobs in this country go to China or so -- -- I you know -- -- mr.
Obama that's got a hell of a public campaign platform.
To run on it that we tried that we saw that movie before about.
The Bush Administration over the worst economic performance and about -- this country losing -- -- itself apart protect the jobs sedate you.
They -- I don't know but the American people want to go back.
Senator let's have that message -- gets out there so that we do have the correct response we'll do this upcoming election.
I always appreciate the -- do you talk to you senator Sanders thanks so much for your time to --