I 
110TH CONGRESS 
2D SESSION 
H. R. 6377 
To direct the Commodity Futures Trading Commission to utilize all its 
authority, including its emergency powers, to curb immediately the role 
of excessive speculation in any contract market within the jurisdiction 
and control of the Commodity Futures Trading Commission, on or 
through which energy futures or swaps are traded, and to eliminate 
excessive speculation, price distortion, sudden or unreasonable fluctua-
tions or unwarranted changes in prices, or other unlawful activity that 
is causing major market disturbances that prevent the market from 
accurately reflecting the forces of supply and demand for energy commod-
ities. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 26, 2008 
Mr. PETERSON
of Minnesota (for himself, Mr. VAN
HOLLEN, Mr. 
ETHERIDGE, Mr. BOSWELL, Mr. CARDOZA, Ms. DELAURO, Mr. STUPAK, 
Mr. LARSON of Connecticut, Mr. WELCH of Vermont, Mr. MATHESON, 
Mr. MAHONEY of Florida, Mr. BARROW, Mr. MCINTYRE, Mr. HOLDEN, 
Mr. MILLER of North Carolina, Mr. BUTTERFIELD, Mr. KAGEN, Mr. 
HODES, Mrs. DAVIS of California, Mr. SHULER, Mr. POMEROY, Mr. 
FARR, and Mr. LAMPSON) introduced the following bill; which was re-
ferred to the Committee on Agriculture 
JUNE 26, 2008 
Committee on Agriculture discharged; considered and passed 
A BILL 
To direct the Commodity Futures Trading Commission to 
utilize all its authority, including its emergency powers, 
to curb immediately the role of excessive speculation 
in any contract market within the jurisdiction and con-
trol of the Commodity Futures Trading Commission, on 
VerDate Aug 31 2005 
06:38 Jun 27, 2008
Jkt 069200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6652
E:\BILLS\H6377.CPH
H6377
smartinez on PROD1PC64 with BILLS
or through which energy futures or swaps are traded, 
and to eliminate excessive speculation, price distortion, 
sudden or unreasonable fluctuations or unwarranted 
changes in prices, or other unlawful activity that is caus-
ing major market disturbances that prevent the market 
from accurately reflecting the forces of supply and de-
mand for energy commodities. 
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 of 2008’’. 
SEC. 2. ENERGY MARKETS. 
(a) FINDINGS.—The Congress finds as follows: 
(1) The Commodity Futures Trading Commis-
sion was created as an independent agency, in 1974, 
with the mandate to enforce and administer the 
Commodity Exchange Act, to ensure market integ-
rity, to protect market users from fraud and abusive 
trading practices, and to prevent and prosecute ma-
nipulation of the price of any commodity in inter-
state commerce. 
(2) Congress has given the Commodity Futures 
Trading Commission authority under the Commodity 
Exchange Act to take necessary actions to address 
market emergencies. 
VerDate Aug 31 2005 
06:38 Jun 27, 2008
Jkt 069200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.CPH
H6377
smartinez on PROD1PC64 with BILLS
(3) The Commodity Futures Trading Commis-
sion may use its emergency authority with respect to 
any major market disturbance which prevents the 
market from accurately reflecting the forces of sup-
ply and demand for a commodity. 
(4) Congress has declared, in section 4a of the 
Commodity Exchange Act, that excessive speculation 
imposes an undue and unnecessary burden on inter-
state commerce. 
(5) On June 6, 2008, the price of crude oil 
traded on the New York Mercantile Exchange hit an 
all-time record of $139.12 per barrel. 
(6) The average price of a barrel of crude oil 
in 2007 was $72, and the average price of a barrel 
of crude oil to date in 2008 is $109. 
(7) Heating oil futures contracts have risen in 
price from $2.97 to $3.81 during the March through 
May contract months. 
(8) United States airlines are forecast to spend 
$61,200,000,000 on jet fuel in 2008, which is 
$20,000,000,000 more than they spent for jet fuel 
in 2007. 
(9) According to the American Automobile As-
sociation— 
VerDate Aug 31 2005 
06:38 Jun 27, 2008
Jkt 069200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6377.CPH
H6377
smartinez on PROD1PC64 with BILLS