White House seeks tools to fight ‘excessive’ oil speculation

The White House

The President, who is facing a tough re-election battle in which surging gasoline prices have become a major issue, called for Congress to release $52 million in funding for the US Commodity Futures Trading Commission (CFTC) to upgrade its technology and add personnel, whom he described as "cops on the beat" policing commodities markets. He also asked law makers to stiffen penalties for illegal market manipulation.

"We can't afford a situation where some speculators can reap millions, while mill