I 
112TH CONGRESS 
1ST SESSION H. R. 2328 
To require the Chairman of the Commodity Futures Trading Commission 
to impose unilaterally position limits and margin requirements to elimi-
nate excessive oil speculation, and to take other actions to ensure that 
the price of crude oil, gasoline, diesel fuel, jet fuel, and heating oil 
accurately reflects the fundamentals of supply and demand, to remain 
in effect until the date on which the Commission establishes position 
limits to diminish, eliminate, or prevent excessive speculation as required 
by title VII of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 23, 2011 
Mr. HINCHEY (for himself, Mr. WELCH, Mr. DEFAZIO, Mr. GRIJALVA, Mr. 
OLVER, and Mr. STARK) introduced the following bill; which was referred 
to the Committee on Agriculture 
A BILL 
To require the Chairman of the Commodity Futures Trading 
Commission to impose unilaterally position limits and 
margin requirements to eliminate excessive oil specula-
tion, and to take other actions to ensure that the price 
of crude oil, gasoline, diesel fuel, jet fuel, and heating 
oil accurately reflects the fundamentals of supply and 
demand, to remain in effect until the date on which 
the Commission establishes position limits to diminish, 
eliminate, or prevent excessive speculation as required 
by title VII of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, and for other purposes. 
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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 ‘‘End Excessive Oil 
Speculation Now Act of 2011’’. 
SEC. 2. ELIMINATION OF EXCESSIVE OIL SPECULATION. 
(a) FINDINGS.—Congress finds that— 
(1) the national average retail price for a gallon 
of gasoline was $3.75 on June 8, 2011; 
(2) increased gasoline prices are causing severe 
economic pain to the American people; 
(3) Congress has a responsibility— 
(A) to ensure that gasoline prices at the 
pump reflect the fundamentals of supply and 
demand; and 
(B) to bring needed relief to consumers 
and businesses of the United States at the gas 
pump; 
(4) there is mounting evidence that the spike in 
gasoline prices has— 
(A) little to do with the fundamentals of 
supply and demand; and 
(B) more to do with Wall Street specu-
lators increasing oil and gas prices in the en-
ergy futures and swaps markets; 
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(5) as of May 27, 2011— 
(A) the supply of gasoline in the United 
States was higher than it was 2 years ago; and 
(B) the demand for gasoline was lower 
than it was 2 years ago when the national aver-
age for a gallon of regular unleaded gasoline 
was $2.44 a gallon; 
(6) on May 12, 2011, Exxon Mobil Chairman 
and Chief Executive Officer, Rex Tillerson, told the 
Committee on Finance of the Senate that oil should 
cost between $60 and $70 per barrel, if the price of 
oil was based on supply and demand fundamentals; 
(7) on March 21, 2011, Goldman Sachs warned 
clients that speculators were boosting crude oil 
prices by as much as $27 a barrel; 
(8) on March 25, 2011, Delta Airlines General 
Counsel, Ben Hirst, said that the marginal cost of 
oil production is between $60 to $70 a barrel; 
(9) in the summer of 2008, when gas prices 
rose to over $4 a gallon, Saudi Arabian government 
officials told the Federal Government that specu-
lators were responsible for increasing oil prices by 
about $40 a barrel; 
(10) the Commodity Futures Trading Commis-
sion has the authority to ensure that the price dis-
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