A hearing was held to examine whether market speculation is inflating the price of crude oil above underlying supply and demand, and whether Congress needs to improve regulatory oversight to stop price manipulation.

The hearing included four witness panels. Energy experts testifying in the first panel said that the price of oil would drop if limits were placed on energy commodity futures investments. Executives from the transportation industry testified in the second panel. Walter Lukken, acting chairman and commissioner of the U.S. Commodity Trading Commission testified in the third panel. The fourth panel consisted of futures exchange representatives.

The members' opening statements are available in program 206134-2.