I 
110TH CONGRESS 
2D SESSION 
H. R. 6279 
To reduce speculation in crude oil markets, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 17, 2008 
Mr. CHABOT introduced the following bill; which was referred to the 
Committee on Agriculture 
A BILL 
To reduce speculation in crude oil markets, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Oil Speculation Reduc-
tion Act of 2008’’. 
SEC. 2. SPECULATIVE LIMITS AND TRANSPARENCY FOR 
OFF-SHORE OIL TRADING. 
Section 4 of the Commodity Exchange Act (7 U.S.C. 
6) is amended by adding at the end the following: 
‘‘(e)(1) The Commission shall not exempt a board of 
trade, exchange, or market located outside the United 
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States from the requirement of subsection (a) to become 
a designated contract market, derivatives transaction exe-
cution facility, or other registered entity, with respect to 
agreements, contracts, and transactions in crude oil to be 
physically delivered in the United States, unless the Com-
mission determines that the board of trade, exchange, or 
market— 
‘‘(A) applies principles or requirements regard-
ing the daily publication of trading information and 
position limits or accountability levels for speculators 
in the agreements, contracts, or transactions that 
are comparable to those applied by a designated con-
tract market, derivatives transaction execution facil-
ity, or other registered entity; 
‘‘(B) provides information to the Commission, 
regarding the extent of speculative and nonspecula-
tive trading in agreements, contracts, and trans-
actions in crude oil that is comparable to the infor-
mation the Commission determines necessary to 
publish a Commitment of Traders report for a des-
ignated contract market, derivatives transaction exe-
cution facility, or other registered entity with respect 
to the trading; and 
‘‘(C) imposes margin requirements that are— 
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‘‘(i) comparable to those imposed by a des-
ignated contract market, derivatives transaction 
execution facility, or other registered entity for 
other commodities; and 
‘‘(ii) sufficient to reduce excessive specula-
tion and protect consumers. 
‘‘(2) During the 6-month period that begins 1 year 
after the date of the enactment of this subsection, the 
Commission shall determine whether to continue to grant 
any exemption described in paragraph (1) that was grant-
ed before such date of enactment to any board of trade, 
exchange, or market located outside the United States.’’. 
SEC. 3. REPORT TO THE CONGRESS. 
Not later than 1 year after the date of the enactment 
of this Act, the Commodity Futures Trading Commission 
shall submit to the Committee on Agriculture of the House 
of Representatives and the Committee on Agriculture, Nu-
trition, and Forestry of the Senate a report describing the 
effects of the amendment made by section 2 on the trading 
facilities, agreements, contracts, and transactions subject 
to the jurisdiction of the Commission. 
Æ 
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