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Explain to me if you -- I can understand it eliminated about the stuff now allowing speculators.
To invest aunts and gamble based solely on oil prices affects the price of -- Well what my legislation does is that -- essentially -- this -- in the agency should understand this.
This was the a proposal that was brought to me by the independent Connecticut petroleum association.
These are rock ribbed Republicans who understand the laws of supply and demand.
What they're saying is those laws have been suspended they no longer apply and which could have -- are basically speculators.
On this dark market meaning the unregulated market where nobody gets to see what's going on either for the dark market.
Are able to drive up the -- to keep -- when demand is sloping down.
And production is at an all time high so how can this be in -- were shifting of these markets in making.
These speculative investments.
And artificially drive up.
How does that work had a speculative investing drive of the price of gas.
Well here's how it works when they when they start to move money into these accounts.
They drive the cost up because speculators -- -- the supposed to -- discover.
Discovery -- -- to tell you what the true price he has.
And it's discovered in the marketplace.
But when you know we Raymond the chairman of ExxonMobil says we are in a -- where fundamentals of supply and demand really don't drive the price.
Then what we see happening is that.
You know the -- the loopholes that have been created bad billions of dollars to prices charged American consumers.
For these important every day -- -- There's the answer then outlaw certain kind of investing that would -- drive the prices up.
You write what I well what -- actually what the the independent Connecticut petroleum association came -- -- says hey listen.
Require that they be in -- seat.
And then you eliminate respect people who are just putting paper behind.
The driving it up.
To actually the real need of receiving and collecting -- sustaining.
Inventory where -- Europe manufacturer or producer.
Or whether you're actually at a -- receiving that.
This would eliminate the of this speculation that's just driving this price -- -- can imagine.
I think in 2009.
Billion dollars was invested in this area in 2007.
In -- -- -- very narrow put crude oil heating oil gasoline diesel fuel but just in that area alone.
-- you get to see how the shift has occurred.
Retarded -- congressman John Larson of Connecticut -- -- you know I mean how much how much how likely is it.
That that they'll be a cap on the commodities marketer and the legislation little.
As you suggested well -- people who are going in a -- more dark market.
Yeah well I'm I'm very encouraged by the fact that this is my proposal as a bipartisan proposal but you see everything whether it's the senate where they're focusing on the margins that are created by speculators.
And Dianne Feinstein has a ball bill that was creating Katie the sixty -- freeze in this area.
Militant speculators play an important role in a regulated market like nymex but when you have the over the counter or the dark market where.
There is no regulation in this enormous loophole that allows the shifting of monies to this theory that artificially -- -- -- Without any oversight -- -- well then you've got the recipe for.
I probably would that bring down prices if it were enacted.
Well you know we have here estimates that it will bring down prices spiked seventy to a 100% even the Bush Administration -- speculation -- Counts for 10% of the increase so.
We figure that it could be anywhere from a low of thirty to a high of folk forty dollars to fit.
But how long would it take event would -- come down right away.
Well we think because he would return supply and demand to the market and not these artificial price that it could happen very rapidly you against.
No I'm not against drilling I think -- driven drilling should take place where the permitting has already been secured 48 million acres yeah it's 6068000068.
Million acres are radio and so look at -- -- -- permanent.
You know let's let's let's make sure I don't disagree with you know I heard Newt Gingrich earlier today and I think on your show talking about.
Well they ought to be able shall fight fair enough they've compartment.
Why hasn't about the 68 million acres he kind inducted instant kind of he's taught him and then -- -- in -- -- know in the Everglades and I.
Even conservative group Republicans like you know Roscoe Bartlett from Merrill -- -- -- and you know we ought to make sure that we're.
You know with respect to -- him more that perhaps.
-- maybe -- source that we're gonna need that should be really considered the strategic petroleum reserve and only should be tapped.
When we need it you know especially.
And who knows what the future may hold for -- but we do know that we have a source that's -- it shouldn't be something.
-- -- to be used up to be put in suvs are sent overseas.
I think that -- you know what the -- why is imprudent investment is to drill where we -- -- permit.
Receive those that's but also make the investments that we need to do.
In alternative energies which by the way when include and you know I'm not opposed to order against.
Nuclear energy you know we have nuclear energy in the state of Connecticut.
I think it's got to be shape I think it's these -- that is going to be as expansive as McCain -- but it's going to be part.
Of any formula or any solution but is not in and of itself.
Is it gonna matter whether we elect you know Obama or McCain or is it really bad weather we have a democratic house and senate.
In terms of which direction this goes going forward.
Well I think it is -- very important.
The next president of the United States because I think it sets the tone everywhere.
Across the globe and here at home and when you have the bully pulpit.
And we are willing to let -- sunlight in behind your policies when you're able to.
Focus on returning to the laws of supply and demand of them makes all the difference and certainly.
Having the democratic house and senate led by Nancy Pelosi and and Harry Reid will help as well.
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