Finance News & Insights

Bill to control volatile fuel prices lands in Congress

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.

 

Subscribe Today

Get the latest and greatest finance news and insights delivered to your inbox.
  • Randy

    It’s amazing what they will do for political gain. They have to know, I hope, the extremely negative effects of price controls. It is sad to read in this article that the author seems to think that by implementing price controls we will be better off. Yep, gas is $1.75 per gallon – but no one is selling any.

  • LT

    …just saying – not everyone wants to drive an economy car… I love my Chevrolet Blazer with a small block carborated under the hood – daily driver / weekend warrior… Stop the increasing fuel prices! I love my truck! I put fuel in by the gallons these days… It goes like this… 3.5 gallons that is… $15 bucks…

  • http://www.TFCmoney.com Randall

    All we ever hear about these days is more and more ways to “fix” things that never fix anything and instead take away freedom at every corner. What ever happened to free markets, capitalism, liberty, the home of the brave and land of the free?

  • TM

    The Government is not regulating gas prices. They are trying to stop Wall Street from jacking up the price! I think anything that will help stop Wall Street and the speculators from increasing fuel would be good. We are not only paying these increase prices at the pump for our personal vehicles but we are paying for fuel increases in almost everything we buy. Your food, clothes, personal grooming, household furnishings, etc, etc… are most likely brought to your store by a semi-truck. That trucks fuel cost is past on to the store and in turn the store has to pass this increase onto the consumer.