President Obama Moves To Curb Oil Speculators

Source: Steve Hargreaves / CNN Money

NEW YORK – The Obama administration proposed new measures Tuesday to limit speculation in the oil markets, seeking to draw a contrast with Republicans who have been calling for more domestic drilling during a time of near record gasoline prices.

The new proposals require oil traders to put up more of their own money for transactions, ask for more money for market enforcement and monitoring activities, and call for higher penalties for market manipulation.

“The increase in oil prices, the increase in trading volumes, and the increase in uncertainty is something we’re been looking at closely,” a senior administration official told reporters.

The moves come as Republicans seek to blame Obama for the high price of gas.

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