Sen. Bernie Sanders called on Tuesday for an investigation into oil price manipulation. He also proposed a 30-day deadline for federal regulators to use emergency powers to curb excessive speculation in crude oil markets.
Over the past five months, the national average price for a gallon of gasoline has gone up by more than 41 cents. The price hikes come at a time when U.S. oil inventories reached a three-decade high while demand for gasoline is lower than four years ago when prices averaged less than $2.30 a gallon.
Sanders spoke about rapidly rising gas prices during a Senate floor speech on two amendments he proposed to the farm bill.
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