Senators Introduce Legislation to Require CFTC to Eliminate Excessive Speculation in Energy Markets

Senator Bernie Sanders (I-VT), along with 19 other Senate Democrats, introduced legislation (S.2548) that would force the CFTC to use its emergency authority to eliminate excessive oil speculation. The Senators accused oil companies of using unrest in Iraq as an excuse to drive up crude oil and gasoline prices.

According to Senator Sanders, "high gasoline prices have less to do with supply and demand and more to do with Wall Street speculators driving up prices in the energy futures market."

The proposed bill is virtually identical to legislation that passed the House of Representatives in 2008 by a vote of 402-19.

See: Senator Sanders' Press Release; S.254; list of co-sponsors.