Sen. Joseph I. Lieberman, Sen. Maria Cantwell and Sen. Susan Collins Hold a News Conference On Commodities Speculation
Political Transcript Wire › August 27, 2009
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Sen. Joseph I. Lieberman, Sen. Maria Cantwell and Sen. Susan Collins Hold a News Conference On Commodities Speculation
SENS. LIEBERMAN, CANTWELL AND COLLINS HOLD A NEWS CONFERENCE ON COMMODITIES SPECULATION
JULY 11, 2008SPEAKERS: SEN. JOSEPH I. LIEBERMAN, I-CONN.SEN. SUSAN COLLINS, R-MAINESEN. MARIA CANTWELL, D-WASH.[*] LIEBERMAN: Well, good morning, and thanks very much for being here.Following staff investigation on our Governmental Affairs/Homeland Security Committee and a series of investigative hearings that we held, Senator Collins and I have concluded that speculation in the commodity markets is contributing to the awful spikes in prices Americans are paying today for both fuel and food.We heard, for instance, from one witness, an expert witness who said that excessive speculation may have added as much as $40 to $60 in the price of a barrel of oil.Others said that these numbers were exaggerated and the effect of excessive speculation is much lower. But everybody agreed there is some effect.I say that $1 of increased cost of food and fuel because of speculation is too much, and I'm convinced it's a lot more than $1. Speculators do not produce one barrel of oil, not one new acre of farmland or one new gallon of refinery capacity. But speculators do raise the ...See the full content of this document
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