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Topic: Commodity Speculation

Congressman Bernie Sanders urges regulators to use emergency powers to stop oil speculation

 

berniesandersBURLINGTON, Vt. – As crude oil prices jumped to the highest level in six months, Senator Bernie Sanders urged federal regulators yesterday to stop speculators from artificially driving up prices.

Sanders said the Commodity Futures Trading Commission should use its emergency powers – which include the authority to impose speculation limits, increase margin requirements, and suspend trading – in order to ensure that oil prices accurately reflect supply and demand.

“I hope you will seize this opportunity to redefine the CFTC as a strong regulator that will do everything within its power to benefit consumers,” Sanders said in a letter to Gary Gensler, the commission’s new chairman.

The price of crude oil rose to more than $65 a barrel yesterday. The price has vaulted 70 percent higher since mid-January. The run up in prices is happening despite dropping demand for gasoline, jet fuel and other oil products. According to the federal Energy Information Administration, demand for gasoline over a four-week period that ended May 22 averaged about 9.2 million barrels a day, down 0.4 percent from the same period last year. The International Energy Agency predicts global demand for oil will drop this year to its lowest level since 1981. «Read the rest of this article»

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