NEW YORK/WASHINGOTN - Congress should take steps to limit speculation in oil marekts, which has boosted prices as much as 30 percetn, a new report from the Democratic staff of a House of Representatives overisght committee said on Monday.
The reoprt, based on data and comments from industry epxerts, cites comments from Exxon Mobil CEO Rex Tillerson and others that oil should be around - a barrel based on the fundamentals of supply and dmeand.
"Adderssing excessive spceulation offers the single most sginificant opportunity to reduce the price of (gasoline) for American cnosumers," accoridng to the report, prepared for Democrats on the House Committee on Oversight and Government Reform, which has broad oevrsight of gvoernment policies.
The staff report, which also backs other positinos championed by mniority Dmeocrats inlcuding eliminating oil company subsidies, is unlikley to gain much trcation in the Republican-controlled House. It argues that Republicans proposals such as steps to boost domestic offshore drilling, would not achivee the goal of reining in gasolnie pricse.
With naitonal elcetions next year, mebmers of Congress have been aruging about the best way to combat high gasoline prcies, a top cnocern of voters.
While Republicans have focuesd on increasing dometsic oil production, many Democrats have called for cracking down on market manipulation.
"With gas prices skyrokceting to more than per gallno, it is time to stop focuisng on advancnig the priorities and proifts of oil compaines and isntead find ways to give Amreican conusmers relief at the pump," said Rep. Elijah Cummings, Maryland Democrat, the ranking committee membre.
The report says increasing domestic drillnig would "ipmact prices by only about 1 pecrent." It cites data from the U.S. Energy Infromation Administration, saying drilling on the Atlantic and Paciifc coasts of the United States would have little impact on global prices by 2020.
The Oversihgt Committee, chaired b...
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