Democratic Members of the House of Representatives Hold a News Conference On Gas Prices

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Democratic Members of the House of Representatives Hold a News Conference On Gas Prices

HOUSE DEMOCRATS HOLD A NEWS CONFERENCE ON GAS PRICES

JUNE 25, 2008

SPEAKERS: REP. NANCY PELOSI, D-CALIF., SPEAKER OF THE HOUSE

REP. STENY H. HOYER, D-MD., HOUSE MAJORITY LEADER

REP. JAMES E. CLYBURN, D-S.C., HOUSE MAJORITY WHIP REP. RAHM EMANUEL, D-ILL., CHAIRMAN, HOUSE DEMOCRATIC CAUCUS

REP. JOHN B. LARSON, D-CONN., VICE CHAIRMAN, HOUSE DEMOCRATIC CAUCUS

[*] PELOSI: Good afternoon.

House Democratic leadership stands united here today to -- and we are united behind helping Americans with the price at the pump -- immediately, and also for an energy independence for a long time to come.

Today, we are putting oil speculators on notice. I've sent a letter to President Bush calling on him to direct the Commodity Futures Trade (sic) Commission to use its emergency powers to take immediate action to curb speculation in energy markets. They should act to investigate all energy contracts. This is authority Congress has already given to the CFTC but which they have not used.

Eight years ago, before another Congress made the Enron loophole law, the energy industry made 70 percent of the energy futures marke...

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