Congress

July 10, 2008 6:32 PM

Investment banks now blamed for spike in oil prices

After months of pummeling oil industry executives, Congress is zeroing in on a new alleged villain for today's record oil prices: investment banks, the same ones who've been instrumental in the housing meltdown. During two highly partisan hearings Thursday, Democratic lawmakers blamed the lack of regulation for oil prices, while Republicans defended the investment banks' involvement in energy trading.

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