Eric Cantor, the number two Republican in the House of Representative is reassuring Oil speculators that the Republican party will do whatever they can to stop the regulations Democrats are tying to put in place. It is believed by most financial economists that these speculators are the major reasons why gas and oil prices have skyrocketed. But Cantor will not let this small fact detour his mission. In his view, speculators must continue doing their part, regardless of the effects on the economy.
ThinkProgress filed this report;
Cantor told the audience of speculators that his Republican caucus would “do our part” to block the implementation of financial reforms passed last year as part of the sweeping Dodd-Frank law. He even called out the Commodity Futures Trading Commission, the regulators in charge of overseeing derivatives and energy speculation, and promised to stop regulations from going online.
CANTOR: We want to help you continue to lead for America, that means we gotta do our part when you see the implementation of Dodd-Frank coming at you like a barreling train. We want to help control that so that we can get some sensible, sensible follow up to that legislation. […] Whether it’s the EPA, the FDA, the FCC, the SEC, the CFTC, you name it, there is an acronym for a federal agency causing harm right now. We’re trying to pull that in.