US top trade groups already demand an end to oil speculation, but why Congress not act and Media not report ?

Question

"Leading energy experts across the country agree that recent, unprecedented jumps in crude oil prices are due, in large measure, to rampant speculation in the energy commodities markets.”

“19 of the nation’s top trade associations, consumer groups and labor organizations, the coalition urges “immediate reform in the widely-speculative energy commodity futures markets.”

http://energy.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_Id=a0267544-59b1-4cd7-b41e-8f0e55738999

Answer 1

You do know Bush was an oil man himself, once, right?  

Bush gets lots of money from oil and oil-related companies like ExxonMobil and Haliburton.

Answer 2

Speculation can't raise the long-term price of energy. In the short term, if they are raising the price of oil, then they're eventually going to lose money when it goes down.

The current run-up in prices does not seem to be speculative. Supplies have been tight for several years now, while demand has been growing.

The media has reported on this, and you know congress is acting because of that website you linked to.

Answer 3

We have the best congress money can buy.  Follow the money. Congress votes for special interest who assures there are campaign fund for reelection.  That's why an incumbent has a better chance of reelection than the challenger.