Grassley, Wyden Eye Tax on Hedge Fund Oil Speculators

The measure, in circulation as a ``discussion draft'' at Washington lobbying firms, would force investors to pay short- term capital gains rates as high as 35 percent on their profits instead of the blend of long- and short-term capital gains rates they currently pay that result in a lower overall rate.

What they don't tell you is most of the speculation was short-side, so this will actually likely raise oil prices. Way to go, geniuses (but luckily, the measure is probably just grandstanding, and not serious at all).