delighted because it was long overdue, a lot of the price volatility and increase that s out there right now is being driven by forces that are outside of the business, and, you know, here in connecticut where, again, my town it s $4.25 a gallon, people who are in the business of delivering oil, the guys who are at the gas station, have been screaming for months that the market forces, supply and demand, do not justify the prices that are showing up again on these energy trading markets. so what the dodd/frank bill did was give the commodities trading commission the authority to limb the amount of positions or buys that these groups who are on wall street who add nothing of value to the production of oil or delivery of oil from occupying positions. congressman, some say that it may not be all speculation. gop saying prices are driven up by epa regulations, for instance. the hundreds of summer blends, for instance.
necessarily this long weekend. mike taibbi joining us live and from chicago. thank you. joining me now, democratic congressman joe courtney of connecticut. congressman, thanks for joining us here. you have seen the prices. your state seeing an average of $4.11. no doubt that your constituents are not happy. president obama taking aim at speculators. you want stricter rules around oil price speculation. what would you like to put in place that might help keep these high prices that we see here on screen lower? sure. well, richard, last year when we passed the dodd/frank bill, one of the key sections of the act actually gave the commodities future trading commission the authority to limit positions purchased by interests in the energy trading markets who have no connection to either the exploration, production, or distribution of oil. what the president said yesterday, which frankly i was