With reports predicting that oil could rise to as much at $200 per barrel, United States Senator Sherrod Brown (D-Ohio) Monday announced his support for legislation to strengthen federal regulation of energy markets. Brown is an original cosponsor of the “Increasing Transparency and Accountability Act of 2008,” legislation that would improve the ability of the Commodity Futures Trading Commission (CFTC) to analyze increases in oil prices so that it can take immediate actions to moderate the price of oil.
“With summer driving season in full swing, it is more important than ever to put Ohio families ahead of oil speculators,” said Senator Brown. “The American people deserve answers about what is causing massive spikes to the price of oil. That’s why I’m fighting to give federal regulators adequate resources to protect consumers from price manipulation and excessive speculation.”
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