S. 3183: End Oil Speculation Act of 2008
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S. 3183: End Oil Speculation Act of 2008
110th Congress · introduced 2008-06-24 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
federal
Follow this bill, step by step
- Where it came from: introduced 2008-06-24 · official record
- Who proposed it: Sen. Dorgan, Byron L. [D-ND] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
End Oil Speculation Act of 2008
Plain summary
End Oil Speculation Act of 2008 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to eliminate manipulation and excessive speculation on petroleum futures markets by investigation, regulation, and rulemaking, while distinguishing between: (1) transactions by commercial producers and purchasers (as well as counterparties) involving actual physical petroleum products for future delivery ("legitimate hedge trading"); and (2) all other trading. Instructs the CFTC to review and: (1) revoke or modify prior action regarding certain transactions, participants, or petroleum futures market activity that is not a legitimate hedge trade; and (2) consider revoking results of prior actions that have the effect of limiting, reducing, or eliminating the full applicability of position limits on trading that is not legitimate hedge trading, or the filing of any report or data regarding a trade or trader. Directs the CFTC to set margin requirements of at least 25% for any trading that is not legitimate hedge trading. Directs the CFTC to subject to its regulation any person engaging in a petroleum futures market activity in any location unless and until the activity occurs in a market or exchange whose regulations are substantially identical to CFTC regulations and are fully enforced. Requires the CFTC to ensure that petroleum futures market participant activities are fully and accurately disclosed. Instructs the CFTC to convene a working group of international regulators to develop uniform international oversight to protect petroleum futures markets from excessive speculation and other specified practices that pose systemic risks.
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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What does this mean? (plain words)
Official text
End Oil Speculation Act of 2008
Source: Congressional Research Service summary (Introduced in Senate)
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Alternatives
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Dorgan, Byron L. [D-ND] · 2 cosponsors
Cost estimate: No cost estimate published yet.
Cosponsors on this site
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (1)
- Rulemaking
- The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110s3183.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/s>
Record fed-us-cong110-s3183 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110