Congress is one step closer to smacking down oil speculators:
Before legislators left town, the House overwhelmingly approved legislation that would require a federal regulatory agency to employ its rarely used emergency powers to crack down on any “excessive” speculation in domestic commodity markets.
“We put oil speculators on notice,” the speaker said afterward.
If they can pull this off, and gas prices drop before the election — AND if they can sufficiently take credit — there’s no telling the congressional pickups they’ll win in November. But it’s hard to envision a bill reaching the president’s desk before his too-long super power vacation next month.
