Sen. Bernie Sanders (I-VT) says that the soaring gas prices are the fault of oil speculators on Wall Street. “Ten years ago oil speculators controlled about 30 percent of the oil futures market,” Sen. Sanders explained. “Today Wall Street speculators control over 80 percent of that market. Their sole function in life is to speculate to drive oil prices up and to make money.”
Sen. Sanders says he’ll introduce legislation to force federal regulators to curb speculation in crude oil markets that experts blame for driving up gasoline prices. Sen. Sanders has been accusing the Commodity Futures Trading Commission of flouting a law that required the regulators to impose new limits on speculators by January.