6/24/2008

Some lawmakers support more regulation of oil speculation, which they say can add up to $70 to the price of a barrel of oil. Some lawmakers blame speculators for the large spike in the price of oil. "Make no mistake about it, the excessive speculation in commodity markets is having a devastating effect at the gas pump that is rippling through our entire economy," said Rep. Bart Stupak, D-Mich., who chaired the Monday hearing of a House Energy and Commerce Subcommittee. Lawmakers are scheduled to continue discussions on the topic of energy speculation this week.

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