Sen. Bill Nelson says he's got Barack Obama's support for a bill to ban the unregulated speculative trading of oil futures and other energy commodities. Nelson says the measure will cut gas prices.
It comes as Democrats rebuff GOP efforts to open more coastal areas to drilling. Obama and John McCain clashed on the issue last week and Nelson, who will unveil his bill today, says Obama is co-sponsoring the legislation.
"Clearly, unregulated speculators have bid up oil prices to unbelievable and unacceptable highs," Nelson said. "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."