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If a new bill passes, employees and employers alike should get some relief from the skyrocketing gas prices we’ve seen lately. But how likely is that to actually happen?
A group of six U.S. senators introduced a bill designed to lower soaring fuel prices by curbing excessive speculation in oil markets.
Specifically, the bill would require the Commodity Futures Trading Commission to wield its emergency powers and impose position limit in oil futures markets within 14 days of the legislation becoming law.
According to the co-sponsors of the bill, the recent surge in oil prices is the result of extreme speculation and isn’t reflective of supply and demand.
As a result of the oil increases, gas prices have surged, with the national average sitting at $3.87 per gallon, according to the Energy Information Administration.
However, with only one Republican co-signer attached to the bill, the measure may have a very difficult time getting passed in the GOP-controlled House of Representatives.