Congress Seeks Remedies to Rein In Speculatorsadmin
Some lawmakers on Capitol Hill say investors have a role in rising oil prices, pointing out that speculation in crude futures has nearly doubled since 2000.
Pension funds, Wall Street banks and other large investors that have no intention of taking delivery of fuel have increasingly pumped money into contracts for oil and other commodities as a hedge against inflation when the dollar falls.
After more than a half dozen hearings in Congress on the issue, Democratic House lawmakers said they intend to tighten restrictions on pension funds, investment banks and other large investors which they blame for driving up fuel prices.
But many Republicans, analysts and regulators say soaring oil prices are a reflection of macroeconomic factors, including the falling dollar, unrest in the Middle East and increased demand from countries like China and India.