present energy savings estimated at 0.01–0.04%). By comparison, a 20% increase in automobile fuel economy would save 5.4%. Political action against market speculation The price rises of mid-2008 led to a variety of proposals to change the rules governing energy markets and energy futures markets, in order to prevent rises due to market speculation. On 26 July 2008, the United States House of Representatives passed the Energy Markets Emergency Act of 2008 (H.R. 6377), which directs the Commodity Futures Trading Commission (CFTC) "to utilize all its authority, including its emergency powers, to curb immediately the role of excessive speculation in any contract market within the jurisdiction and control of the Commodity Futures Trading Commission, on or through which energy futures or swaps are traded, and to eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities." See also 2000s commodities boom 2020s commodities boom 1970s commodities boom 2021–present global energy crisis 1970s energy crisis Notes External links U.S. DOE EIA energy chronology and analysis Oil Price History and Analysis 2003 in economics 2004 in economics 2005 in economics 2006 in economics 2007 in economics 2008 in economics History of the petroleum industry Economic bubbles Peak oil Petroleum economics Presidency of Barack Obama Presidency of George W. Bush Great Recession