Gas Prices: Wall Street at Fault?

Financial regulator says big banks gambling on oil are to blame.
2:50 | 02/23/12

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Gas Prices: Wall Street at Fault?
Government watchdog who says -- you can bring down gas prices by cracking down on Wall Street. He claims that every time you fill your tank up to fifteen dollars go straight into the pockets of traders and tonight the newest member -- -- BC news team mark Greenblatt. An award winning investigator from Houston joins us for the first time would that story. You already know part of this story outrageous effort here to. If you pay for every time you fill out. But as gas prices -- lot more yet I'm fired up commissioner Bart Chilton is fighting back. He's one of Wall Street's top regulators sitting on the Commodity Futures Trading Commission. And -- speaking out now warning much of the problem is actually made in the USA. Ground zero Wall Street where he says big banks gambling on oil are spiking the prices that you pay at the pop. There aren't any market without speculators at the excessive speculation -- concerned about children got a hold of this Wall Street research report which actually spells out just how much extra the price of oil goes up because Wall Street gambles on it. Chilton estimates it actually drive the price up as much as 22%. Before it sold to be made in the gaps. So what does it all mean to you according to Chilton if you drive a Ford F 150. A lot typical treatment -- It'll cost you an extra fourteen dollars and 56 cents. But you -- right to Wall Street speculators or more than 750. Dollars over the course of the year. Their part the big banks say there's no evidence that they're trading is driving up the price of oil. But children doesn't buy that argument which is why he and the commission that he sits on are trying to -- the speculation in. But -- this Wall Street is actually suing them now trying to keep things status quo. They don't want these limits they don't they want un bridled ability to speculate in these markets. And that's not good for consumers it's not good for markets and it's not good for our economy. Now commissioner Chilton estimates that speculators actually play a part is much of 90%. Of all trading that goes on during the day in energy futures markets underscoring his point that this all impacts you in a big way right here at the pump. George in -- thanks in this the same commission warned about all the trading at high risk mortgages. Welcome -- And a note about -- that happen on our broadcast last night we couldn't quite believe what we were seen. In the two minutes it took Cecilia Vega -- share curricula -- it. -- gas -- at the station behind -- ticked up and spent fuel caught it. The video went viral and so many he told us today you couldn't believe the price could jump that high that -- -- it did and today we learned. That the other stations in the neighborhood have actually caught up to.

This transcript has been automatically generated and may not be 100% accurate.

{"id":15779498,"title":"Gas Prices: Wall Street at Fault?","duration":"2:50","description":"Financial regulator says big banks gambling on oil are to blame.","section":"WNT","mediaType":"Default"}