Skip to Content

Support MinnPost

Klobuchar asks for rules to limit oil speculation

Sen. Amy Klobuchar said today that she's asked the the U.S. Commodity Futures Trading Commission to take steps to limit speculation on oil prices in an effort to stabilize gas prices.

She serves on the Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, and asked the commission chairman to set rules to limit the size of speculative investments in oil and other commodities.  Congress already has authorized the commission to adopt these “position limits” to restrict purely speculative contracts in oil futures, which, she said, would reduce price volatility.

“When we saw oil prices rise to record levels in 2008, I said we needed a cop on the beat to protect American families and businesses from artificially high gas prices created by excessive speculation,” said Klobuchar. “Now is the time to make sure the cop is on the job, vigilant and armed with the authority to enforce fair rules in the marketplace.”

Get MinnPost's top stories in your inbox

Comments (1)

You're such a lapdog Amy. Maybe if you'd been as concerned with massive dollar devaluation vis a' vis QE1 and QE2 and stimulus Amy, which has raised the price of all commodities as you are with imposing another bureaucratic regulatory apparatus, we'd have more respect for you. Alas you did not and thus we have very little respect for you.