Sens. Push CFTC To Rein In Oil Futures

Law360, New York (May 12, 2011, 3:25 PM EDT) -- A host of senators urged the U.S. Commodity Futures Trading Commission on Wednesday to carry out its regulatory duty and limit rampant speculation on crude oil futures that has helped push gas prices to near-record levels.

Sens. Maria Cantwell, D-Wash., and Ron Wyden, D-Ore., led a team of 17 senators who called for the CFTC to immediately implement rules limiting the size of investors’ commodity holdings and prevent excessive oil futures trading from distorting the market and driving up gas costs.

“We are writing to urge...
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