Following weeks of surging gas prices, the Democratic Steering and Policy Committee, led by House Minority Leader Nancy Pelosi (D-CA), held a hearing on the impact of excessive oil speculation Wednesday afternoon.
The committee, which is co-chaired by Rep. Rosa DeLauro (D-CT), considered how Wall Street speculators are artificially driving up the price at the pump and causing pain to millions of American consumers.
Witnesses at the hearing included: Gene Guilford, President and CEO of the Independent Connecticut Petroleum Marketers Association (ICPA) and Michael Greensberger, Professor at the University of Maryland Frances King Carey School of Law and former Director of the Division of Trading and Markets at the Commodity Futures Trading Commission (CFTC).