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Lawmakers Push for Legislation to Lower Gas Prices

By: CNN
By: CNN

A group of mostly Democratic senators is pushing for legislation they say would bring down gas prices.

They say their bill would stop Wall Street from speculating about oil prices, which they say is the reason you are paying more at the pump.

According to Bloomberg, both the U-S and OPEC have oil, and the lawmakers say supply is not the problem.

"I really, sincerely believe that the Commodity Future Trading Commission should be doing more here," said Sen. Amy Klobuchar, D-Minn. "They should stopping this excessive speculation. We all know that it's a factor. We all know that mysterious things keep happening. You have here a case here where you have supply exceeding demand, yet you see these rising prices. And that's why we believe that the Commodity Future Trading Commission should be able to use its emergency power and do something about it now. The American people shouldn't have to be held hostage by Wall Street speculators day after day after day."

Meanwhile, Republicans have been blaming the president for the high gas prices.

The President has said his administration is doing what it can to bring prices down.


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