Sanders and other Senators introduce bill to curb oil speculation

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Sanders and other Senators introduce bill to curb oil speculation

Examiner – On Wednesday Senator Bernie Sanders (I-VT) and several fellow Senators introduced a bill in the U.S. Senate which would require that the Commodity Futures Trading Commission (CFTC) reign in oil speculation on Wall Street.

Speculation is one of the key factors in the present over inflation of oil prices and its corresponding effect on the recent increase in gasoline prices. Although the CFTC is required by the Dodd-Frank Wall Street Reform and Consumer Protection Law to enact reforms which prevent excessive oil speculation, thus far it has not done so.

The bill, which after its passage would give the CFTC 14 days to create regulations designed to halt excessive oil speculation, is co-sponsored by Senators Richard Blumenthal (D-CT), Sherrod Brown (D-OH), Ben Cardin (D-MD), Al Franken (D-MN), Amy Klobuchar (D-MN) and Bill Nelson (D-FL).

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