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Jul 1, 2008 12:00 PM

In a letter from Bill Graves, American Trucking Associations president and chief executive officer, the ATA applauded the United States Commodity Futures Trading Commission for outlining steps that will increase the transparency of the energy futures market and help to ensure that petroleum prices are once again driven by supply and demand.

The CFTC said it will improve oversight of the energy futures market by expanding the amount and quality of information received from energy traders. Steps include expanding international surveillance information for crude oil trading; increasing the transparency of trading in U.S. energy markets; and continuing the CFTC's ongoing nationwide crude oil investigation.

ATA has repeatedly asked the federal government to address the increased speculation in the petroleum futures markets. The group believes that balancing the need for an efficient petroleum market with the desire to limit petroleum speculation could help burst the bubble that has formed in the petroleum markets.