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Are commodity traders bidding up food, fuel prices?

The record-shattering run-up in energy and food prices has put investors who buy and sell such things on the hot seat -- so hot that some in Congress on Tuesday threatened action.

"The American people are about to take out pitchforks" because of the cost of groceries and gasoline, Sen. Claire McCaskill (D-Mo.) said during a Senate hearing on whether commodities are being pushed higher by investors' high-stakes bets that prices will keep going up. Given the uproar from consumers, McCaskill warned an official from the U.S. Commodity Futures Trading Commission, "if you don't do something, Congress will."
Such strong words came on another record day for oil prices -- which flirted with $130 a barrel -- and as drivers in many states prepared to pay more than $4 a gallon for gasoline on Memorial Day trips.

Sen. Joe Lieberman (I-Conn.), who chaired Tuesday's hearing before the Homeland S

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Added: May-21-2008 
By: PiRaTeCoPy
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