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Article: SEN. TESTER: CRACKING DOWN ON SPECULATORS, HEDGERS - LOWER GAS PRICES
- Article from:
- US Fed News Service, Including US State News
- Article date:
- July 24, 2008
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The office of Sen. John Tester, D-Mont., has issued the following news release:
Cracking down on out-of-control oil speculators and hedgers is the first step toward lowering gas prices, Senator Jon Tester said today during a major speech on Capitol Hill.
The Senate today is debating the Stop Excessive Energy Speculation Act. The measure would prevent Wall Street traders from making a "quick buck" by buying and selling barrels of oil they never actually use. Many analysts say such trading leads to artificial supply and demand, resulting in skyrocketing gas prices.
"Well-regulated speculation can help markets set a fair price for a commodity," Tester said. "Unfortunately under this ...
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