Five senators sent a letter to the head of the Commodity Futures Trading Commission (CTFC) today, calling on him to restrict the trade of oil futures, citing rising gas prices as reason to limit investment.

Sens. Dianne FeinsteinDianne Emiel FeinsteinSenate left in limbo by Trump tweets, House delays Children should not be human shields against immigration enforcement The Hill's Morning Report — Sponsored by PhRMA — Immigration drama grips Washington MORE (D-Calif.), Maria CantwellMaria Elaine CantwellTrump rips media for not covering 'permanent separations' by undocumented immigrants Energy commission sees no national security risk from coal plant closures OPEC and Russia may raise oil output under pressure from Trump MORE (D-Wash.), Ron WydenRonald (Ron) Lee WydenScrutiny ramps up over Commerce secretary's stock moves Hillicon Valley: Justices require warrants for cellphone location data | Amazon employees protest facial recognition tech sales | Uber driver in fatal crash was streaming Hulu | SpaceX gets contract to launch spy satellite On The Money — Sponsored by Prudential — Supreme Court allows states to collect sales taxes from online retailers | Judge finds consumer bureau structure unconstitutional | Banks clear Fed stress tests MORE (D-Ore.), Ted Stevens (R-Alaska), and Olympia Snowe (R-Maine) called on CFTC Chairman Walter Lukken to use emergency powers to prevent futures traders from increasing the size of their investments, and to reduce the holdings of institutional investors, such as banks and investment funds, whose investments exceed certain levels.

The senators wrote that the increasing price of oil futures is driving up the price of gasoline. Futures trading centers on the purchase and sale of oil at future prices, and investors essentially bet on how the price of oil will fluctuate. Over 99 percent of new investors are betting that the price of oil will go up, the senators wrote, resulting in a speculation bubble that has driven up the price of oil.