II 
Calendar No. 864 
110TH CONGRESS 
2D SESSION 
H. R. 6377 
IN THE SENATE OF THE UNITED STATES 
JUNE 26, 2008 
Received 
JULY 7, 2008 
Read the first time 
JULY 8, 2008 
Read the second time and placed on the calendar 
AN ACT 
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 
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. 
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HR 6377 PCS 
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. 
(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. 
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HR 6377 PCS 
(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— 
(A) families and businesses are paying an 
average of $4.07 per gallon for regular gasoline, 
which is near the all-time high and is more 
than double the price in 2001; and 
(B) truckers and farmers are paying an 
average of $4.77 per gallon for diesel fuel, 
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which is near the all-time high and triple the 
price in 2001. 
(10) During this decade, energy demand has 
been steadily on the rise in nations such as China 
and other Asian exporting nations. 
(11) In a May 2008 report, the International 
Monetary Fund raised the possibility that specula-
tion has played a significant role in the run-up of oil 
prices, and stated ‘‘It is hard to explain current oil 
prices in terms of fundamentals alone. The recent 
surge in the oil price seems to go well beyond what 
would be indicated by the growth of the world econ-
omy.’’. 
(b) DIRECTION FROM CONGRESS.—The Commodity 
Futures Trading Commission shall utilize all its authority, 
including its emergency powers, to— 
(1) curb immediately the role of excessive spec-
ulation in any contract market within the jurisdic-
tion and control of the Commodity Futures Trading 
Commission, on or through which energy futures or 
swaps are traded; and 
(2) eliminate excessive speculation, price distor-
tion, sudden or unreasonable fluctuations or unwar-
ranted changes in prices, or other unlawful activity 
that is causing major market disturbances that pre-
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vent the market from accurately reflecting the forces 
of supply and demand for energy commodities. 
Passed the House of Representatives June 26, 2008. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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