The cost of heating and cooling our homes and filling our gas tanks affects everyone. These prices are sometimes exacerbated by natural disasters and supply disruptions, but they have not always been justifiable—particularly in comparison to the record profits reported by leading energy companies.
In the 113th Congress, Rep. Eshoo is a cosponsor of H.R. 785, the Halt Index Trading of Energy Commodities (HITEC) Act. This legislation prevents Wall Street speculators from driving up energy costs by trading index funds that contain energy products.
Energy commodity index funds have grown exponentially in recent years and are used by traders to artificially drive up the price of energy products, especially oil. H.R. 785 would give control of these markets back to those with a direct stake in the price of oil, for example airlines and trucking companies, instead of allowing speculators to drive up prices to make a short-term profit.