What is the action suggested by US senators to reduce oil prices? & Do you think this will be active ?

Congress wants to close a loophole in commodities regulation that allows institutional investors to take positions in energy futures contracts on overseas and electronic exchanges without being subject to the overall limits on positions purchased on commodities exchanges physically located in the US. Congress believes the price of oil is going up because speculators are bidding up the price of futures contracts and that there is a disconnect between the actual supply and demand of the physical product and the price established in the trading markets. Note that Congress is not complaining about the price of wheat or corn although they have had similar moves on the futures exchanges. Instead, they just passed a huge Farm bill giving farmers who make millions of dollars at the time when prices are the higherst, subsidies to keep prices up. Then they vote to give aid to poor families who can't afford the cost of food, and the taxpayers pay for both subsidies.


The price of energy is going up because of supply and demand. Americans share the blame because we drive too many low-mileage SUVs. If Congress was serious, they would add thousands of dollars of taxes to big Hummers and the like that get less than 15 miles per gallon. Why does anyone need trucks like that.

jane iredale