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Congress continues to wrangle on measures to curb the alleged influence of speculators on oil prices. Republicans want to insert provisions on offshore and ANWR drilling, while Democrats prefer to focus on enlarging the regulatory powers of the Commodity Futures Trading Commission.
However the political maneuvering turns out, cracking down on investors will only harm consumers. There is no hard evidence that speculation is responsible for high oil prices, and the proposed legislation would hamstring the beneficial role that futures markets play in our economy.
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