Gas Prices Spiked By Speculators, Congressmen Claim


Using Goldman's calculations and data on the amount of speculative oil trades from the CFTC, Chilton told ABC News that if Goldman is right a Honda Civic owner is paying $7.30 extra due to a "speculative premium" every time they fill up.

Read Goldman Sachs response to Congress members' claim here

He says Ford Explorer owners would pay an addition $10.41 per fill up, while Ford F150 owners would pay $14.56.

"There aren't markets without speculation, it's the excessive speculation we are concerned about," Chilton said at the time.

A spokesperson for CFTC Chairman Gary Gensler, Stephen Adamske, noted in an email that Gensler himself did in fact vote in favor of position limits in an October 18 vote. He wrote, "the commission passed the position limits rule in October 2011, and they will become operational when we have also passed our definitional rules."

Gensler has repeatedly expressed his support for position limits on oil speculators in public hearings.

However, Michael Briggs, a spokesperson for Senator Sanders, said the CFTC refuses to enforce or implement the limits until it can gather a year's worth of financial data first, "which will not be until August at the earliest," Briggs said. "That means that the CFTC will let another summer driving season come and go before they enforce any limits on Wall Street oil speculators -- something that Sen. Sanders and the 67 other Members of Congress find unacceptable."

However, even if the CFTC relents and moves its timetable up, it still faces two federal lawsuits from Wall Street lobbyists who are trying to block any caps from ever being implemented on oil futures trading.

The International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association filed the lawsuits.

They are currently petitioning a federal judge to put any implementation of the rule on hold until their legal challenges can be fully heard.

Briggs says while this issue is being litigated the Court has not issued an injunction.

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