Before heading out for the traditional August recess, the U.S. House of Representatives had a chance to do something about high gas prices.

House Resolution 6604, also known as the Commodity Markets Transparency and Accountability Act of 2008, was an attempt to impose more stringent oversight of speculation in the oil and gasoline futures market.

Speculation is not a bad thing in and of itself. The commodity markets have a number of players, including manufacturers, farmers, importers and the like whose goal is to more effectively predict and stabilize prices for things...

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