Politics & Government

Sen. Durbin pushes oil industry regulations

U.S. Sen. Dick Durbin, D-Ill., is pushing for legislation that would add stricter regulations to the oil industry and address rising gas prices for the short term.

At a news conference Tuesday in Collinsville, Durbin said he would reintroduce a bill in September that would give more authority to the Commodities Futures Trading Commission, the federal agency responsible for regulating oil and commodity futures markets.

The goal of the legislation is to stop excessive speculation of oil prices that drives up the price at the pump, Durbin said.

Read the complete story at the bnd.com