Senate Curbs Oil Speculation

Congressional Democrats who want to lower gas prices by curbing speculation in oil futures saw their legislation survive a key vote in the Senate. GOP lawmakers are seeking a vote on lifting a longstanding moratorium on oil and gas exploration in the U.S. outer-continental shelf. Speculation in the oil futures markets has exploded over the past few years, ever since a Republican-led Congress changed the rules so anyone could buy oil futures — not just those who actually intended to use that oil. As a result, the number of futures contracts has increased nearly 12-fold since 2001. Democrats cite estimates that speculation is responsible for between 20 and 50 percent of the recent spike in oil prices.