ATA Calls for Curbs on Oil Speculation

American Trucking Associations has joined forces with farmers, manufacturers and consumer groups calling on Congress to more strictly regulate excessive oil speculation.

Crude oil was trading at $42 a barrel a year ago but this month is over $75, even though demand is weak, inventories are high and the dollar declined by only 8% relative to the euro, Randy Mullett, vice president of Con-Way Inc., said at a press conference Wednesday in Washington.

“In the face of these market realities, excessive speculation is the only other variable left unaccounted for,” said Mullett, who chairs ATA’s environment and energy policy committee.

The Commodities Futures Trading Commission has issued a proposed rule to limit the number of oil futures contracts a trader can hold, but the commission only regulates commodities markets.

ATA and others want Congress to grant the CFTC authority to track oil trading done off the markets and to impose position limits on those traders.