'This is a market that really needs regulation': Rep. Katie Porter - ABC News

[TexasTowelie]

ABC News' Linsey Davis speaks with Rep. Katie Porter, D-Calif., about alleged price gouging by energy companies driving higher gas prices, and the ongoing impact of soaring inflation.

[dchill]

1. That's the understatement of the year!

[Frasier Balzov]

2. They're not using the Strategic Petroleum Reserve to proper effect.

You go into the futures market and short WTI contracts until you crush the longs.

Then you gradually cover those shorts with whatever longs have the courage to re-enter on the buy side.

Then you make delivery on the fraction of your short order flow which you haven't covered.

Then you relentlessly repeat this process. Keep punishing the speculators. Magnify the downward pressure you put on prices while reducing the reserve as little as necessary to make deliveries on your outstanding contracts.

Go ahead and jawbone the energy companies, but that's not really going to help the consumer.

You've got to leverage the huge economic power you have to move the oil market when you control the SPR.

The goal is achieved with futures.

[burrowowl]

3. Kick!

[LittleGirl]

4. That's what I keep saying! It's the gouging

that has run rampant. Congress needs to stop it.
Katie, show them how to do their jobs!