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REP. MCNERNEY CONTINUES EFFORTS TO CRACK DOWN ON OIL SPECULATORS

Rep. Jerry McNerney, D-Calif. (11th), issued the following news release:

Congressman Jerry McNerney (CA-11) today backed another legislative effort to crack down on speculators who artificially drive up the cost of a barrel of oil.

The bill, H.R. 6604, also known as the Commodity Market Transparency and Accountability Act, was considered in the House this afternoon.

"Even with the recent slight drop in price in Northern California, consumers continue to be squeezed at the pump," Rep. McNerney said. "A huge percentage of oil's cost is determined by speculators who bet on its future price, actually driving up the cost at the pump."

In fact, according to testimony by Fadel Gheit, Managing ...

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