Watchdogging Big Oil
Soaring oil prices means higher gasoline and energy prices for consumers - and record profits for Big Oil. But while oil companies like ExxonMobil and BP rake in billions of dollars, they are investing little to nothing in the renewable energy systems we need to combat climate change and wean us off foreign oil. Congress has relied upon Public Citizen's expert testimony to outline the anti-competitive practices by Big Oil that help provide them with billions of dollars in profits while documenting that their largest expenditure is on stock repurchase programs - rather than investments in clean energy.
Public Citizen also documents the role that Wall Street speculators play in exploiting unregulated energy trading markets to drive up prices for households. In May 2009, Tyson Slocum, director of Public Citizen’s Energy Program, began his service to the U.S. Commodity Futures Trading Commission’s Energy and Environmental Markets Advisory Committee.In this capacity, Public Citizen will be providing advice to federal regulators on how best to regulate energy commodity markets and emerging carbon emission markets as part of proposed cap and trade climate legislation.
Additional Resources:
August 31, 2011 Request to Commodity Futures Trading Commission to Disclose Trader-Specific Positions Data.
March 28, 2011 Comments on Rulemaking to the Commodity Futures Trading Commission, Regarding, Position Limits for Derivative Markets.
Take Action: Petition to End Excessive Oil Speculation that Drives Up Energy Costs.
View: Testimony on Oil Prices and Regulating Energy Markets
Report: Hot Profits and Global Warming: How Oil Companies Hurt Consumers and the Environment
Report: Mergers, Manipulation and Mirages: How Oil Companies Keep Gasoline Prices High, and Why the Energy Bill Doesn’t Help
Learn More:
The BP Gulf of Mexico Oil Disaster
Gas Prices: Beyond Supply and Demand