Offshore Oil Speculation Measure Stalls In Senate

Law360, New York (June 23, 2009, 12:00 AM EDT) -- Sen. Bernie Sanders, I-Vt., is blaming Senate Republicans for stymieing consideration of a proposed amendment that would have given the U.S. Commodity Futures Trading Commission regulatory authority over financial services firms that are allegedly driving commodity prices up by storing oil offshore.

The amendment, co-sponsored by Sens. Bill Nelson, D-Fla., and Mark Begich, D-Alaska, would have required the 50 largest U.S. oil-contracts traders to report to regulators at the commission on any petroleum-based product stored offshore or in overseas tankers, as well as given the CFTC...
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