Hoffa Urges Swift Action on Curbing Energy Speculators
The Teamsters on Wednesday applauded the Senate leadership for moving forward on legislation to crack down on greedy oil speculators.
Senate Majority Leader Harry Reid, D-Nev., sponsored the Stop Excessive Speculation Act, which limits the unrestrained speculation that contributes to rising fuel prices.
"These fuel prices are a disaster for Teamsters and their families," said Teamsters General President Jim Hoffa. "People are feeling the bite every time they fill their gas tank or buy groceries. Their employers are struggling to cope with these high costs, whether they're delivery companies, freight haulers, school districts or airlines.
"I'm grateful that Sen. Reid understands how badly American workers are hurting, and that he's doing something about it before Congress goes to recess," Hoffa said.
Teamsters Airline Division Director Capt. David Bourne said airline workers are particularly hard hit by the high cost of oil.
"Airlines will simply shut down if oil were to stay above $140 a barrel," Bourne said. "We have 40,000 airline and aviation employees, and they're worried about their jobs."
The bill, S.3268, brings common-sense regulation to the unregulated energy futures market.
It would make the over-the-counter markets subject to transparency requirements and make sure that no one can control the market.
The bill was also sponsored by Sen. Richard Durbin, D-Ill., Patty Murray, D-Wash., and Byron Dorgan, D-N.D.