Glen Cove – In a letter to Chairman Gary Gensler of the Commodity Futures Trading Commission, Assemblyman Charles Lavine strongly advocated for regulations on the speculation of crude oil futures, which are responsible for the sudden spike in gasoline prices. In his letter, Lavine asked for the implementation of position limits and for the commission to raise the required margin to purchase futures contracts.
These regulations would curb excessive speculation, which is forcing Long Islanders to pay an average of $4.26 per gallon of regular gasoline, as of May 5th.
“Unfortunately, the hopes of an effective recovery have been threatened by skyrocketing fuel prices,” stated Lavine. “In order to ensure a stable economic recovery, oil and gasoline prices must not fluctuate at a rate in which financial planning for businesses, families and governments becomes impossible.”