WASHINGTON, D.C.— Cantrell Dumas, Director of Derivatives Policy, issued the following statement on the release of Better Markets’ fact sheet “Grilling in the Face of Soaring Commodity Prices: Impact on Barbecue Essentials.”
“Fire up the grills and get ready for a sizzling Fourth of July celebration! As families across the nation gear up for their beloved cookouts, they’re facing a new challenge: soaring prices for BBQ essentials. Tangy barbecue sauce, savory ketchup, and mouthwatering buns have become pricier than ever, with some condiments spiking by a staggering 28% in just a year. Navigating these rising costs while planning the perfect cookout is putting families’ budgets to the test.
“Just like a skilled BBQ pitmaster adjusts the heat and seasoning to achieve perfection, the Commodities Futures Trading Commission (CFTC) must fine-tune its position limits regulation. Excessive speculation by financial players can disrupt the balance of commodity markets, threatening fair prices and accessibility for all. The CFTC, mandated to impose limits on speculators, must conduct a thorough investigation into the extent of this speculation and the effectiveness of current limits. By gathering data-driven insights, the CFTC will ensure fair markets that protect consumers and maintain the integrity of these essential BBQ ingredients.
“Let’s turn up the heat on the CFTC to keep prices in check and ensure that families can enjoy their favorite BBQ traditions without breaking the bank. Join us in calling for a comprehensive examination report that exposes how excessive speculation in commodities markets is fueling the rising prices of these essential BBQ items. Together, we can keep the flames of affordability burning bright and preserve the joy of Fourth of July cookouts for everyone.”
Read the full fact sheet here.
Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.