This is real good thinking, make it more expensive for US futures traders and companies. After all we control the market and buy 10% of the worlds oil. I'm sure the other futures traders and companies that that buy the other 90% of the worlds oil are going to appreciate our government inspired handicap. Should decrease the buying power of US futures traders and increase the price $10-$15 a barrel.
"I heard some rumblings this morning {on CNBC} from a Republican congress critter about possibly passing a law raising the margin requirement for oil futures trading. This could knock out the $10 - $15 per barrel speculative part of the price."
If a gas station owner jacks the price up 25% during a bona fide emergency/shortage it's considered gouging and against the law. If commodity traders run the price up 25% through sheer speculation it's called "Futures Trading".
I have noticed the price of oil has dropped over the last 2 days as some hedge fund oil traders are stepping aside now perhaps because of the uproar. Who knows, we will see if anything is done.
From the foxnews article - Right now it costs exactly $3,375 for anyone to control 1000 barrels of crude oil valued at roughly $67,000. Three grand to control nearly seventy!
One last thing I have heard about U.S. refineries is they are working towards ALL of the refineries being able to refine sour crude which takes more refining to turn it into gas, etc. This will probably be completed within 2 - 3 years. The spot price we see quoted is for sweet crude {takes less refining to make gas} Sour crude sells for around $50.00 a barrel. The extra capacity from Saudi Arabia is sour crude. Venezuela also produces this type.