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Article: PA Heating Oil Dealers, Motor Fuel Distributors Call on Congress to Plug Oil Speculation Loopholes.
- Article from:
- Energy Weekly News
- Article date:
- August 4, 2008
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Pennsylvania Petroleum Marketers & Convenience Store Association today called on Congress to take action immediately to plug legal loopholes that allow oil speculators to drive up the cost of energy and reap record profits.
"Everyone agrees one of the biggest factors in high oil prices is oil speculation by hedge funds and investment bankers," said John V. Kulik, Executive Vice-President, Pennsylvania Petroleum Marketers & Convenience Store Association. "Some experts say as much as 60 percent of the cost of a gallon of gasoline or heating oil can be attributed to pure speculation and abusive trading practices."
"Petroleum product distributors are at the ...