Gas prices will go where the Wall Street Bankers and other globalists want it to go. Do not count on legislation, it is legislation that was passed in 2000 that has destroyed much of our discretionary income.
Back in 2000, Republican US Senator, Phil Gramm of Texas, rammed a piece of legislation through the Republican controlled congress nicknamed "The Enron Loophole." It was signed by Democrat president, Bill Clinton, because these globalist bought off politicians are from BOTH parties.
Before the Republicans passed the Enron Loophole in 2000, all bets on oil were regulated and overseen by the COMMODITY FUTURES TRADING COMMISSION. They saw to it that no one rigged the trading of oil, within reason, and that oil traders were pretty much kept from outrageous trades and bets.
What Republican Senator Phil Gramm's legislation did was to, among other things, was to allow oil traders and speculators to go off-shore to unregulated markets like those in Asia, Dubai, and London. There, with no oversight, they were allowed to cook up any scheme that they wished. Large oil companies with huge oil holdings and oil speculators could control the commodities futures trading market and manipulate it. MANIPULATE it they did! They cooked the books, cooked up schemes that were unbelievably greedy, and corrupt, but since they were off shore, in an unregulated market, they could do whatever they liked. They had derivatives and every other scheme going in 2008, when it really got out of hand.
The reason that I know this, is that I watched the sham hearings that the Democrat controlled congress put on for show on CSPAN in 2008. I heard the former chairman of the Commodity Futures Trading Commission testify on CSPAN to Congress. Michael Greenberger laid it all out. The Congressional panel politely listened, put on a show asking "tough" questions of the Oil companies, but didn't do a darn thing to change their practices or to repeal the Enron Loophole.
Pretty much the same thing happened when the Democratically controlled congress put on a "show trial", a sham hearing of the greedy, corrupt as hades Wall Street Bankers after they collapsed our economy in 2008. Lots of "angry" congressmen, mostly Democrats, but it was all for show. When it was winding down, Congress asked the very people who had destroyed the economy if the congress should stop derivatives, short selling of the dollar, and critical stocks, and credit default swaps. The chairman of the private bank group, known as the Federal Reserve, Bernake, said "NO, that all these, properly used, were necessary financial instruments." The Democrats and Republicans is congress, long having been bought off by the Wall Street Bankers, just as they were by the oil industry, nodded in agreement and not a thing was done.
That is why we are still in deep crap today.