Oil Speculators Use Iraq as Excuse to Drive Up Prices – Sanders’ Bill Would Invoke Regulators’ Emergency Powers
WASHINGTON, June 19 – Sen. Bernie Sanders (I-Vt.) today accused oil companies and Wall Street speculators of using unrest in Iraq as a phony excuse to artificially drive up crude oil and gasoline prices.
The price of oil today rose above $115 a barrel – a new nine-month high on the New York Mercantile Exchange – ostensibly because of concerns that sectarian violence in Iraq could cut off the country’s exports. The price of regular gasoline rose to $3.67 a gallon today, up a nickel in the past month. That was despite the fact that today there is more supply and less demand for gasoline than five years ago, when the average price of a gallon of gas was just $2.67 a gallon.