WASHINGTON – Sen. Bill Nelson says he’s filed a bill to block speculative trading of oil futures and other energy commodities.

The Democratic senator says his legislation would help curb the unchecked run-up in crude oil and gasoline prices.

“Clearly, unregulated speculators have bid up oil prices to unbelievable and unacceptable highs,” Nelson said today.  “Congress needs to step in.  We need to shine a light on all the participants and put an end to excessive speculation and any unlawful market manipulation.”

Nelson’s bill, filed late last week, comes as the oil industry and its backers in Congress have argued for more drilling on federal land including in Alaska and off the coast of Florida.

But Nelson and other opponents countered with the fact that the oil companies aren’t drilling on about 68 million acres of land they already have under lease.  Furthermore, they say there isn’t enough oil in the United States to affect global prices.

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