I 
113TH CONGRESS 
2D SESSION 
H. R. 4996 
To require the Commodity Futures Trading Commission to take certain 
emergency action to eliminate excessive speculation in energy markets. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 26, 2014 
Ms. DELAURO (for herself, Mr. CICILLINE, Mr. GRIJALVA, and Mr. WELCH) 
introduced the following bill; which was referred to the Committee on Ag-
riculture 
A BILL 
To require the Commodity Futures Trading Commission to 
take certain emergency action to eliminate excessive spec-
ulation in energy markets. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Energy Markets Emer-
gency Act’’. 
SEC. 2. ENERGY MARKETS. 
(a) FINDINGS.—Congress finds that— 
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speculation imposes an undue and unnecessary bur-
den on interstate commerce; 
(5) according to an article published in Forbes 
magazine on February 27, 2012, excessive oil specu-
lation ‘‘translates out into a premium for gasoline at 
the pump of $.56 a gallon’’ based on a recent report 
from Goldman Sachs; 
(6) on June 13, 2014— 
(A) the supply of motor gasoline was high-
er than the supply was on June 12, 2009, when 
the national average price for a gallon of reg-
ular unleaded gasoline was just $2.64; and 
(B) demand for gasoline in the United 
States was lower than demand was on June 12, 
2009; 
(7) on June 23, 2014, the national average 
price of regular unleaded gasoline was over $3.68 a 
gallon, the highest price for this time of year since 
2008, the year gasoline prices hit an all-time high; 
(8) excessive oil and gasoline speculation is cre-
ating major market disturbances that prevent the 
market from accurately reflecting the forces of sup-
ply and demand; and 
(9) the Commodity Futures Trading Commis-
sion has a responsibility— 
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(A) to ensure that the price discovery for 
oil and gasoline accurately reflects the fun-
damentals of supply and demand; and 
(B) to take immediate action to implement 
strong and meaningful position limits in regu-
lated exchange markets to eliminate excessive 
oil speculation. 
(b) ACTIONS.—Not later than 14 days after the date 
of enactment of this Act, the Commodity Futures Trading 
Commission shall use the authority of the Commission (in-
cluding emergency powers)— 
(1) to curb immediately the role of excessive 
speculation in any contract market within the juris-
diction of the Commission, on or through which en-
ergy futures or swaps are traded; and 
(2) to eliminate excessive speculation, price dis-
tortion, sudden or unreasonable fluctuations, or un-
warranted changes in prices, or other unlawful activ-
ity that is causing major market disturbances that 
prevent the market from accurately reflecting the 
forces of supply and demand for energy commod-
ities. 
Æ 
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