as guilford. we will start with your testimony. >> [inaudible] >> microphone. >> and chairwoman rosa delauro for convening of this hearing. i worked with almost everybody in this meeting, and you have been great friends of consumers, and you have landed an ear to those of us who don't have the clout of the big wall street lobbyists. many say there is no quick fix for this. i believe there is a quick fix for this, and i agree with many of the policy proposals that enunciated, but i would prioritize three of them. first, let me say that yesterday i read the "financial times," which surveys all the world markets, and within an opinion column, the pieces was the united states is back leading the world's economy. europe is on its back, japan has been on its back, china is decelerating. our policies, which have been guided by the obama administration and you in congress, have created the amber's that are sparking a recovery. the one that thing that will damage this recovery is the ever-accelerating gaso

it's my great honor to be able to introduce genes guilford today jeanne guilford is the president of the independent petroleum association and education foundation. i've had the opportunity to work with her over the years and a member of the steelers who understand implicitly that bill laws of supply and demand has been suspended when it comes to oil speculation and they've been at the forefront of helping us to shape legislation for congresswoman delauro and myself and i am proud to be able to introduce him here today. machine has an extensive background, and i think the members will find this most interesting that gene was appointed by president ronald reagan and served both in the commerce department, very familiar with import and export of our commodities and also serves in the energy department as well coming and so as firsthand understanding of both the regulation that is needed and also of our marketplace system. most importantly what he understands the need of consumers and a recent press conference with chris murphy and myself laid out for the publicly think is the best case

guilford, thank you for that scenario.t is those compelling stories that bring home the issue to every day americans in terms of both where the problem is, and the impact that this has, and then how we go about doing it in the case of home heating oil. the prices at a record. this is what is all -- it is all about at the end of the day. we cannot thank you enough for your testimony, and also for backing up what we think is an important agenda to accomplish in the u.s. congress. >> thank you. [no audio] with quick answers, if i can, because we're coming to the 3:30 p.m. mar. professor greenberger, you started to allude to this, every president since ronald reagan has proposed offsetting the safety of -- cftc operation for the collection of the fees. we have legislation out there at the moment to authorize that. i do. other colleagues have. the question for you, and a quick answer from both of you. what a small user fee impose any real burden on the market -- what a small user fee impose any record on the market participants

guilford.nt to welcome everyone here today. it is a privilege to do that. i want to welcome my colleagues on the panel this afternoon. i oil prices affect every aspect of americans' lives, not just the cost of traveling, but the heating of homes, food, and other purchases. there are many reasons for the fluctuations and the price of oil. on some of these, tension in the middle east, the administration is moving forward with the international community. saudi arabia announced they would lower oil prices. that being said, the cost of gas is irrefutably affected by rabid speculation in the oil market, and that is something we can and should do more about. last year, at the peak of the last oil price bubble, goldman sachs speculated that speculators increase crude prices by 20%, and the price of gas by 56 cents per gallon. even the head of exxonmobil conceded that the price of oil should have been in the "$60 to $70 range," went instead it hovered at $100 a barrel. speculators make up 70% to 80% of

things going against number one more in silly before all the france will host underdog team usa guilford songs are verses american teenager ryan whoreson in the open or in the. russian fans will have a new cycling champion to cheer on the fast approaching london olympics for one of the sia. captured gold at the track cycling world championships in austria the twenty seven year old seeing off kind of those just when glasser to secure her country first track gold in seven years took over is also the double national champion and was second to last year's university games so it's clear she's picking up the right time with a twenty twelve games list in just four months. preparations are also in full swing for us as first winter games so she twenty fourteen the sunni and world's biggest concerts in sight hosting its first ever skiing world cup event in february a more test event have not been scheduled for next month. well all the infrastructure of the games both mountain and cost all costs are together and all of this will become mission by me though folks tobar for us to be able to recently

guilford, thank you for that scenario. is those compelling stories that bring home the issue to everyday americans in terms of both where the profit is and the impact that this has, and in how we go about doing it. the case of home heating oil as well with prices as noted in new england and, you know, record low to see no change, in fact is he the price of home heating oil for consumers go. this is what it's all about at the end of the day. we can't thank you enough for your testimony. and also for backing up what we think is an important agenda to accomplish in the united states congress. >> thank you, mr. larson. with quick answers if i can because we're coming to the 3:30 mark. professor greenberger, you start to allude to this. every president since ronald reagan has repose offsetting the cost of the cftc operation with a collection of user fee. we have legislation that is out there at the moment to authorize that. a question for you, quick answer, professor greenberger and mr. guilford. would a small user fee impose a

but in bristol area and active all the way down to guilford. >> despite the intelligence, shu yu wang but lee has a break through. painstaking cross checking reveals that wang is enrolled as full-time student at six different british universities. >> we think he is going from one university to another. in order to legitimize his role as a student. for a student immigration visa. so he is taking somebody else's place on that course. he he is just not attending but he will use that to his justify being who are to immigration. he will say, actually i'm a student. >> wang is using his student standing to avoid time limitations ever his immigration status but now detective lee hopes to turn the tables and track him down at one of the universities. >> i've got an interest in a character i think may have a connection to your business school. there may be a pupil there. okay sir name is wang, w-a-n-g. first name is s-h-u-y-u. i've got a date of birth. that's it, yeah. okay. thank you very much. i'll speak to you shortly. this that was interesting. it would appear that wang is currently a full

streeters are highering the fanciest law firms, the biggest appellate firms and i can tell you and gene guilford can tell you, we can not match that money dollar for dollar. i say to you don't ask the cftc to do this. they're the very age is agency you guys know don't have the funding for this. i would do it yourself. you can pass legislation banning commodity index swaps in exchange traded fund and you will remove $500 trillion from the market and the, and they will come to you the banks will come to you, say, oh, you're going to limit production. you're going to limit liquidity. the market is overrun withla liquidity. we have 80% of it is speculation. what you will be doing is stopping gambling, pure and simple. money only creating homes in the hamptons and yachts in the hamptons. your constituents should know that every time they break their heart by buying $4 and maybe soon $5 gasoline, that money isn't going into production. it's going to home building in the hamptons and yacht-building in the hamptons. it is not a constructive, economic thing. don't stop anywhere but go to the juggler and