Coalition Calls for Presidential Action on Rising Energy Prices
For Immediate Release: July 3, 2008
Contact: Liz Friedlander, 202-314-3191WASHINGTON (July 3, 2008) – National Farmers Union joined a broad coalition of organizations today calling on President Bush to address the subject of excessive energy speculation at the G8 conference.
In a letter to the president the groups said that swift action by G8 governments and leaders is necessary to stem the cost increases in energy threatening the stability of global energy markets. The G8 Summit will be held in Japan July 7-9.
“Sky-high energy prices are being driven, in part, by speculators in the market,” NFU President Tom Buis said. “America’s farmers and ranchers have been blamed for rising food costs when, if you look at the facts, the real culprit is energy. It is no wonder food prices have gone up given the increases in crude oil prices.”
The groups signing on to the letter represent not just agricultural producers, but trucking, airline, automotive, energy and oil marketing and renewable fuel organizations across the country. While they represent varied interests, all are affected by energy prices and believe something must be done about excessive speculation in energy markets.
The letter specifically urges the president to do the following:
Raise the issue of speculation and global commodities at the G8 summit;
Require the Commodities Futures Trading Coming (CFTC) to address speculation issues in the U.S. energy markets through better regulatory oversight and enforcement; and
Sign into law legislation that increases CFTC regulatory authority and closes the “Enron”, “Foreign Markets,” and “Swaps Trading” loopholes.
“This broad coalition sends a loud message that Americans need relief from high energy prices; not just to be able to fuel their cars and feed their families, but heat their homes this winter,” Buis said.
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