Washington, D.C. - Democratic Leader Nancy Pelosi released the following statement today after President Obama announced a five-part initiative to increase oversight and crack down on excess speculation and price manipulation in oil markets:
“Today, the President announced responsible actions to curb excess speculation in energy markets that drives up prices at the pump and causes pain for millions of middle class Americans. Democrats stand ready to act on these proposals now - to put more ‘cops on the beat' overseeing oil markets, to increase accountability for any Wall Street speculators that manipulate markets, and to protect the pocketbooks of America's working families.
“The Republican record is clear: they have consistently sought to defang and defund federal efforts to crack down on excess speculation in energy markets. They have stood on the side of those on Wall Street who profiteer from excess speculation while Main Street workers pay the price. And they have backed a budget that slashes federal resources to rein in the excess speculation that's driving up the costs of energy.
“Republicans have the opportunity to change course - to stop protecting the bottom lines of market manipulators and to start standing up for our nation's consumers. It is time to work together to lower gas prices.”