Klobuchar wants clamp down on oil speculators

DFL Sen. Amy Klobuchar was one of a group of Senate Democrats Wednesday calling on government regulators to clamp down on oil speculators to rein in gas prices.

They're sponsoring legislation to force the Commodities Future Trading Commission to investigate speculators and take steps to reduce oil prices.

Klobuchar and other senators said high gas prices should be blamed on financial firms and not political instability in the Middle East.

"We see year after year when oil prices start mysteriously climbing and everyone then starts talking about their solutions, and it reminds me of that movie Groundhog Day with Bill Murray as the weatherman," Klobuchar said. "The only problem is that movie is funny and this is not."

Fellow Minnesota Sen. Al Franken is also a cosponsor of the legislation.

Before you keep reading ...

MPR News is made by Members. Gifts from individuals fuel the programs that you and your neighbors rely on. Donate today to power news, analysis, and community conversations for all.