By Andrew Restuccia - 03/21/12 05:39 PM EDT
The legislation is co-sponsored by Sens. Richard BlumenthalRichard BlumenthalOvernight Healthcare: Biden hints at new money for cancer research | Trump details opioid plan | Dem urges feds to reject EpiPen settlement Dem calls on DOJ to reject EpiPen settlement Why Yahoo's breach could turn the SEC into a cybersecurity tiger MORE (D-Conn.), Sherrod BrownSherrod BrownLobbying World Podesta floated Bill Gates, Bloomberg as possible Clinton VPs Peck Madigan Jones hires Obama, Clinton White House alum MORE (D-Ohio), Ben CardinBen CardinSanders, Dem senators press Obama to halt ND pipeline Dems to McConnell: Pass 'clean' extension of Iran sanctions Top Foreign Relations Dem: US needs to 'revisit' approach to Russia MORE (D-Md.), Al FrankenAl FrankenGretchen Carlson to testify before Congress Great Lakes senators seek boost for maritime system Court ruling could be game changer for Dems in Nevada MORE (D-Minn.), Amy KlobucharAmy KlobucharGreat Lakes senators seek boost for maritime system Podesta floated Bill Gates, Bloomberg as possible Clinton VPs EpiPen maker to pay 5M to settle overcharging case MORE (D-Minn.) and Bill NelsonBill NelsonFederal agency under fire for selling recalled cars Senators offer renewed hope of ending hotel booking scams Yahoo hack spurs push for legislation MORE (D-Fla.).
The senators argued that the CFTC has been “dragging its feet” in establishing
“position limits” on the amount of futures and swaps contracts for oil and other commodities that traders may hold. The limits are required under the sweeping 2010 financial reform law.
Democrats have increasingly blamed “excessive” speculation for rising gas prices to counter GOP attacks on President Obama’s energy plan.
A coalition of Democrats, 23 senators and 45 House members, urged the CFTC earlier this month to put limits on speculative trading.
“It is one of your primary duties — indeed, perhaps your most important — to ensure that the prices Americans pay for gasoline and heating oil are fair, and that the markets in which prices are discovered operate free from fraud, abuse and manipulation,” the lawmakers said in a letter.
Pump prices have risen to the top of the political agenda in Washington, D.C. Gas prices increased to a national average of $3.86 per gallon Wednesday, according to AAA — up 30 cents during the last month.
Republicans have sought to pin the blame for high gas prices on Democrats, arguing they have not done enough to expand domestic oil-and-gas production.
Energy experts say federal policymakers have limited options to lower gas prices, as they are tethered to oil prices, which are set on world markets.