Washington Post Federal section, July 1, 2008 http://www…

Washington Post Federal section, July 1, 2008
http://www.washingtonpost.com/wp-srv/politics/fedpage.htm




The Petroleum Marketers Association of America says oil speculators are aggravating price
increases at the pump. (By Elaine Thompson -- Associated Press)


Gas Stations Push Back
You're not the only one angry about high fuel prices. So are the middlemen who bring it to you:
owners of gas stations, deliverers of heating oil and proprietors of truck stops.

Their lobby group, the Petroleum Marketers Association of America, is battling back in the
particular way that it can. It has distributed brochures, countertop posters and pump-top signs
that carry a single message: Stop the high-finance speculation that it maintains is adding to the
price.

"Hedge funds and investment bankers are gaming the system, using loopholes to drive up the
cost of energy and reap record profits," reads a card meant for display on gas station counters.

The card goes on to suggest that customers visit a Web site, http://www.stopoilspeculators.com,
and use it to send a message of protest to Congress.

"Consumers have been at the mercy of Wall Street traders for too long," said Dan Gilligan,
president of the association. "We hope to ignite a firestorm of attention over the unchecked
trading that these speculators continue to engage in."

Financial institutions, by the way, disagree with Gilligan and his group, and are telling
lawmakers directly that it would be a bad idea to rein in investments in energy contracts.