70 Members of Congress: Curb Wall Street Speculation On Oil

Seventy Democratic members of Congress pushed for measures to prevent Wall Street traders from artificially driving up gas prices, writing “the [Commodity Futures Trading Commission] continues to drag its feet on imposing strict speculation limits to eliminate, prevent, or diminish excessive oil speculation.” The letter cites a recent report from the St. Louis Federal Reserve urging CFTC to reign in speculators from manipulating prices. “If the St. Louis Federal Reserve, a conservative institution, is saying speculation is contributing significantly to the high price of oil and gas at the pump, then I think that is clearly what the case is,” Sen. Bernie Sanders (I-VT) said.

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