Politics & Government

July 28, 2009

In break with Bush, speculators blamed for oil price spikes

Gary Gensler, the chairman of the Commodity Futures Trading Commission, said Tuesday that excessive speculation drove the price of oil to a record $147 a barrel a year ago, making it unnecessarily more expensive for Americans to heat their homes and fuel their cars. Gensler signaled that his agency is likely to impose rules that would limit the ability of hedge funds and other financial firms to drive up prices for oil and other fuels.

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