michael mcmasters, a professional wall street investor testified before congress repeatedly that speculators are pushing prices well beyond what supply and demand warrant. that is the modern marketplace in america today. now i will say that it will supply us with oil produced in north america and that obviously will provide some sort of national security to my good friend ed markey. i disagree. i this it will. but it will not supply with us a more reasonably priced gallon of gasoline at the pump. it's not going to happen. and this is my last year in congress but i would imagine all of you that will be returning will be in this room when gasoline is $4 to $5 a gallon trying to explain why the keystone pipeline, which eventually was permitted and built is not producing an affordable gallon of gasr, wch draining our economy and will continue to drain you're economy with high fuel prices. i'm going to share mr. markey's basic tenet in what he's trying to show. it's not truly a question of dependency on foreign oil that is the central question. it is a dependency on oil itself. way beyond the for

michael mcmasters, wall street investor, testified before congress repeatedly that speculators are pushing prices well beyond what the supply and the demand warrant. and then i want to end this with, until the early 1990s, the ratio of speculative trades to trades made by commercial users of oil was tilted heavily towards the users of oil. but from 1991 forward, the big financial players such as goldman sachs and jpmorgan want exemptions that free them from limits on how much they could speculate in future markets. now, we've attempted to do something about that, but the majority party has fought us tooth and nail on this, whether it's dodd frank or anything else that addresses some sort of a regulatory scheme that will now allow the playing of futures and commodities to the detriment of the american consumers. this is all part of it, but we seem to be ignoring a holistic approach. what really kearns me is we're going to have witnesses are going to tell us that this may not be the answer to national security. now, i think that it can be, depending on how we use the raw product and the refi

michael mcmasters, wall street investor, testified before congress repeatedly that speculators are pushing prices well beyond what the supply and the demand warrant. and then i want to end this with -- until the early 1990s the ratio of speculative trades to trades made by commercial users of oil was tilted heavily towards the users of oil. but from 1991 forward the big financial players such as goldman sachs and jpmorgan want exemptions that free them from limits on how much they could speculate in future markets. now, we've attempted to do something about that, but the majority party has fought us tooth and nail on this whether it's dodd-frank or anything else that addresses some sort of a regulatory scheme that will now allow the plan of futures and commodities to the detriment of the american consumers. this is all part of it. but we seem to be ignoring a holistic approach. now, what really concerns me is we're going to have a witness that's going to tell us that this may not be the answer to national security. now, i think that it can be depending on how we use the raw product and the

michael mcmaster, a professional testified before congress repeatedly the speculators are pushing the is well beyond what the supply and demand for and. that is the modern market place in america today. i will say it will supply us with oil produced in north america and that obviously will provide some sort of national security to my good friend i disagree i think will. but it will not supply us with a more reasonably priced gallon of gasoline at the pump. it's not going to happen. and this is my last year and converse but i would imagine all of you will be returning will be in this room when gasoline is $45 a gallon, trying to explain why the keystone pipeline, which eventually was permitted and built is not producing and affordable gallon of gas for the american consumer which is draining our economy and will continue to drain our economy with high fuel prices. i'm going to share the basic tenet in what he's trying to show. it's not true of the question of dependency on foreign oil that is the central question. it is a dependency on oil itself i acknowledge i think the next 20 years