Last week, the House Democratic Steering Committee heard testimony on the impact of excessive speculation on gas prices. Click here to listen to Eugene Guilford explain how excessive speculation in the commodities market contributes to high energy prices and hurts consumers. Mr Guilford was appointed Chief of Staff of the General Counsel for the Department of Energy by President Reagan in 1984 and currently serves as President of the Independent Connecticut Petroleum Association.
Fuel represents the number one cost to airlines, and ALPA has been actively pushing for an end to reckless speculation. ALPA has called on the CFTC to enforce provisions enacted under the new financial reform law (Dodd-Frank) and crack down on excessive speculation. Read Mr. Guilford’s full testimony here.