Close loopholes on foreign oil trading. Limit hedge funds from pouring money into the market. End oil speculation altogether.
Congress is vowing to take actions that it believes will reverse runaway crude and gasoline prices. Oil rose above $136 a barrel on Monday - more than double what it cost a year ago - and gas hovered around $4.07 a gallon.
Lawmakers have introduced nine different bills on speculation - not to mention many more that tackle other causes of escalating fuel and oil prices. Several of the speculation measures have bipartisan support. No fewer than four separate hearings have been scheduled for this week, including a House hearing held Monday exploring foreign trade regulation.
On Tuesday, a Senate panel will explore legislative options for ending "excessive speculation" in commodity markets.
Speaker of the House Nancy Pelosi, D-Calif., said she wants to address speculation on the House floor this week or the week of July 7. A spokesman for Rep. Bart Stupak, D-Mich., one of the strongest advocates for legislation, said he believes one of the proposals could get voted on by the House in July.
