Star Tribune: Minnesota senators target oil traders
Sens. Franken and Klobuchar are fighting to bring down gas prices for Minnesotans. Minnesotans are paying close to $4 a gallon and with the summer months approaching Sen. Franken is working to bring that price down. Sen. Franken is calling on the Commodity Futures Trading Commission to deal with oil speculators who are driving up the price of gas.
But Klobuchar and Franken, joining with Sen. Bernie Sanders, I-Vt., the lead author of the legislation, say oil speculators now make up more than 80 percent of the energy futures market, allowing them to influence the global price.
They cite recently published estimates that suggest speculation adds roughly 56 cents per gallon at the pump. "The American people shouldn't have to be held hostage by Wall Street speculators day after day," Klobuchar said Wednesday at the Senate rollout for the bill.
"This is something that's hurting Americans in their pocket books," Franken said. "It's hurting Minnesotans."
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