Dear S.O.S. Now Supporter,

 

Congratulations! The Senate overwhelmingly passed new rules to stop rampant speculation on Wall Street. Thanks in large part to your e-mails and outreach, the Senate overcame a filibuster and rejected all amendments that would have weakened speculation reform. This is a great step forward in stopping the reckless manipulation of energy prices.

 

Your support made a big difference and helped advance this bill despite widespread opposition from big banks. Wall Street reportedly spent more than $600 million to defeat financial reform, yet its lobbyists could not overcome the combined voice of millions of Americans demanding an end to reckless greed. Your dedication made this victory possible, and will save consumers hundreds of billions of dollars a year.

 

Once signed into law, these strict new rules will help lower fuel costs and let supply and demand - not Wall Street banks - once again dictate energy prices. Already, the threat of legislation seems to be working. Yesterday, as the Senate prepared to vote for final passage, oil prices plunged by 8 percent to the lowest level in 10 months.

 

However, the legislative battle is not yet over. Now that speculation-reform legislation has passed in the Senate, members from both chambers must work out the differences between the House and Senate bills through a "conference committee" process. Congress hopes to have this process completed and the legislation signed by the president sometime before the July 4th holiday. Reports indicating that Wall Street has been given assurances that it will be "taken care of" during the conference committee process have already surfaced. As these negotiations develop over the next month, we will let you know the most opportune time for you to again weigh in with legislators. 

 

We have fought a hard battle to reform oil markets since the summer of 2008. We have exposed Wall Street speculators, pushed the issue of oil speculation into the national limelight and passed speculation reform in both the House and the Senate. By staying on top of our elected officials in Washington, we can put speculators out of business once and for all.

 

Together, we can help protect America's economic recovery. 

 

Thank you,

 

The Coalition to Stop Oil Speculation Now