From the BBC
US regulators have announced plans to impose limits on oil trades overseas (to slow speculators).
The US Commodity Futures Trading Commission said the London-based electronic exchange would have to comply with US rules.
The move comes as oil prices notch up record highs, amid fears that speculators are distorting the market.
As a result, fuel costs have shot up hitting the global economy. Airlines have been hit badly, with near record losses expected for 2008 in the US.
The report goes on to say, “this surge is being blamed on speculation by large investors, including hedge funds and banking giants. They are being accused of pushing commodity prices way above the level they would trade at to satisfy supply and demand trends. ”