Senator Martin Sandoval released the following statement this afternoon:

Gas prices are out of control! According to AAA Fuel Gauge Report, Chicago metropolitan gas prices set an all-time record this month with an average price of $4.51 a gallon for regular unleaded gasoline. Analysts suggest that $5/gallon gas prices this summer are within reach.

A significant reason for these sky-high gas prices is because banks are driving up the price of oil from speculation and financial trading. Up to a third of the price of oil is not due to supply and demand, but rather to speculators buying options on millions of barrels of oil, hoarding it and driving up the price for their own greedy profits.

This is unacceptable. I call on the Obama Administration to clamp down on this reckless oil speculation. The Commodity Futures Trading Commission has the power and the obligation to stop this oil speculation. Under the 2010 Dodd-Frank law, the Commission is required to clamp down on oil speculation to lower gas prices by setting strict position limits on traders. These position limits would restrict how much a single trader, like Goldman Sachs, can control the oil market. Strict limits would increase competition, bringing prices down.

The Commission has not exercised its power to date. It is long past time for the Obama Administration to act and clamp down on oil prices. Haven't we learned the lesson from 2008 and 2009 when virtually unregulated big banks led this country into a recession? Isn't it time we stood up to Wall Street and the monied interests to protect consumers?

I call on the five Commissioners of the Commodity Futures Trading Commission to finally exercise their authority to implement strong trading limits on Wall Street oil speculators and stand with the people who have suffered enough from record-high gas prices.

Illinois drivers should not pay more at the pump to make banks richer for their speculation on the price of oil. On behalf of Illinois consumers and the entire transportation industry, I call on the Commission to set very strong position limits on oil traders this month, as we cannot afford these high gas prices any longer.

Senator Martin Sandoval is the Chairman of the Illinois State Senate Transportation Committee.

Senator Martin Sandoval welcomed the newly appointed Consul General of Mexico, Eduardo Arnal to Springfield to discuss issues facing the Latino Community of Chicago, including education, public safety, and healthcare.

Eduardo Arnal was appointed Consul General of Mexico in Chicago by President Felipe Calderon and ratified by the Mexican Senate March 24, 2011.

The Consul General spoke to the General Assembly today about the relationship  Mexico has with Illinois and emphasized their strengths in the global economy.  In addition, the Consul shared his thoughts about issues that concern his country. One such issue was immigration reform and the recent passage of the Illinois DREAM Commission, sponsored by Senate President John J. Cullerton.