US Senator Byron Dorgan plans to introduce legislation this month to stem excessive oil speculation-a move welcomed by a bevy of US airlines that blame escalating fuel costs on speculation.

Nothing has happened with regards to supply and demand in the past 15 months to justify the current price of oil, the North Dakota politician said during the American Association of Airport Executives Energy/Air Service Summit in Washington, DC on 10 July.

While he views futures trading as essential, Dorgan blames the glut of speculators-those that trade the commodity but have no intention of using it-and passive regulators for jet fuel prices reaching a record $143 per barrel compared with $62 a year ago.

“When you’ve got excess speculation, well beyond what supply and demand can justify, regulators ought to do something about it,” Dorgan says.

“We need regulators who aren’t brain dead. We need regulators tha

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