Cantwell, Murray right to put pressure on oil speculation

April 24, 2011

Seattle Times – DRIVERS emptying their wallets to fill up the tank should know that skyrocketing gas prices are due in part to out-of-control betting by big investors.

Washington drivers, now paying an average of $3.93 per gallon, could soon breathe a collective sigh of relief. U.S. Sens. Maria Cantwell and Patty Murray of Washington have called on the Commodity Futures Trading Commission, CFTC, to immediately impose regulations on oil speculation.

The senators and President Obama acknowledged last week that speculators are driving gas prices far beyond supply and demand. Limits on speculation would keep big investors, with no underlying commercial interest in crude oil, from holding too large a share of the market.

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