ATA Asks CFTC to Curb Oil Speculation

American Trucking Associations sent a letter Tuesday to the Commodities Future Trading Commission asking it to reduce offshore oil speculation that drives up the price of diesel and other end fuels.

ATA wrote the letter with members of the Commodity Markets Oversight Coalition, asking the CTFC to curb excessive offshore oil speculation that affects U.S. fuel markets.

ATA has previously cited concern about oil speculation’s effect on fuel prices that affect the trucking industry, and has called on Congress to more strictly regulate excessive speculation.

Last fall, trucking and fuel industry officials said a new commodity trading rule was “too weak” to curb the excessive speculation in world oil markets that causes dramatic price swings.

Click here for a copy of the coalition’s letter. (ATA website; 2-pp. PDF.)