PolitiFactOhio: Sherrod Brown says excessive oil speculation is driving gas prices, perhaps by 56 cents a gallon

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PolitiFactOhio: Sherrod Brown says excessive oil speculation is driving gas prices, perhaps by 56 cents a gallon

PolitiFactOhio – When it costs more than $70 to fill up a tank with gas, average Americans are left wondering why?

Sen. Sherrod Brown says Wall Street oil speculation is partly to blame and recently called for the Commodity Futures Trading Commission to intervene.

“We’re seeing gas prices rise long before the peak summer driving season — and excessive oil speculation is a key source of these cost spikes,” Brown said in a news release. “In fact, one recent report showed that out-of-control speculation adds 56 cents to every gallon of gasoline siphoned from the pump — and that’s outrageous.”

Is there such a thing as excessive oil speculation? Does it really boost the pump price of gas by 56 cents? PolitiFact Ohio decided to take a look.

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