Today, Sen. Bernie Sanders (I-VT) introduced legislation that would order federal regulators overseeing futures trading to limit the ability of speculators to drive up gas prices.
Sen. Sanders’ legislation builds on the 2010 Dodd-Frank Wall Street reform bill, which required the Commodity Futures Trading Commission to come up with a plan to tackle oil speculation by the January 22nd of this year.
That deadline was not met, so the Sanders bill compels the CFTC to take action.
Sen. Sanders’ office has outlined why placing limits on Wall Street’s oil speculation is necessary:
[E]xperts believe that excessive speculation is driving up crude oil prices by 50 percent. This means that Americans are paying Wall Street a premium of 70 cents to $1.63 a gallon every time they fill up their gas tanks.
Rep. Maurice Hinchey (D-NY) supports the Sanders bill and intends to introduce a companion bill in the House.