The Stop Oil Speculation Now coalition endorses H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009) which passed the House of Representatives on December 11, 2009.  Specifically, the bill would reign in excessive speculation will closing loopholes, increasing transparency and limiting speculative trading in energy markets. You can help make a difference on this important issue by telling your senator to support the House passed legislation.

• In the Senate, the coalition also supports the “Prevent Excessive Speculation Act” (S.447), introduced by Senator Carl Levin. This bill would close loopholes, increase market transparency and require strict limits on speculative trading.

The following legislation is also of interest:

• S. 1588, introduced by Senator Ron Wyden (D-OR), would remove certain tax breaks that hedge funds and other speculators currently enjoy, and require that they pay taxes on their profits on oil and gas commodities trades at the same rate as ordinary income. In the case of tax-exempt investors such as endowments and pension funds, oil and gas trading gains would be subject to taxation as unrelated business income. Since 2000, commodities markets have been flooded with hundreds of billions of dollars in speculative investments in oil and gas commodities, which many experts believe to be a key contributor to volatility resulting in high oil and gas prices for consumers.