The Commodity Futures Trading Commission (CFTC) today announced it would limit the trading of oil futures after a bipartisan group of senators called for such a measure earlier this month.
Democratic and Republican senators had alleged that futures speculation has helped to drive up the price of oil.
Sen. Dianne Feinstein (D-Calif.), one of the senators who led the call, lauded the decision today in a press release.
Fox News host Bill O'Reilly and Rep. Dennis Kucinich (D-Ohio) are the latest odd couple. The conservative pundit and former anti-war presidential candidiate are blaming high gas prices partly on price gouging.
Kucinich appeared on O'Reilly's show Wednesday to talk about his call for the impeachment of President Bush and for an investigation into oil companies' price manipulation. While O'Reilly disagreed with Kucinich over an impeachment, the pundit said he backs the congressman's efforts to look into price gouging.
"Bill O'Reilly and Kucinich, together at last," Kucinich said.
Read part of the transcript and watch the must-see video below.
KUCINICH: Well, you know what [oil companies are] doing? They're actually standing back while all the speculation is going. It has nothing to do with supply and demand.
O'REILLY: Absolutely.
KUCINICH: Driving the price of oil.
O'REILLY: Get them. Look.
KUCINICH: And.
O'REILLY: ... Congressman..
KUCINICH: You know what?
O'REILLY: ... I'm your best friend on that issue.
KUCINICH: (inaudible) something.
O'REILLY: You ought to take all of your time, knock off the dopey partisan impeachment stuff.
House Oversight Chairman Henry Waxman (D-Calif.) has subpoenaed Environmental Protection Agency (EPA) documents involving the White House as part of his committee's investigation of EPA's 2007 decision stating that California could not impose its own stricter regulations on auto emissions.
Waxman said his committee has found evidence that the EPA communicated with the White House about the decision. "Unfortunately, EPA has refused to disclose the substance and extent of its communications with the White House," Waxman said today. "The Committee must have these documents in order to understand how the agency
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