The US Senate is now debating legislation aimed at cutting the cost of petrol and heating oil by ending excessive speculation in oil futures that financial-market experts and even oil company executives agree are driving up prices.

Among many proposals, we offered one: the Commodity Speculation Reform Act that directs and empowers the Commodity Futures Trading Commission to police more aggressively excessive speculation among all indexed commodities, including oil and foodstuffs, such as corn, wheat, and soyabeans. Many of its provisions were incorporated into a Senate bill spearheaded by Harry Reid, the majority leader, and which is the chief Senate vehicle.