The legislation is co-sponsored by Sens. Richard BlumenthalRichard BlumenthalSenate Dems ask DHS inspector general for probe of Trump’s business arrangement If Gorsuch pick leads to 'crisis,' Dems should look in mirror first Senate Dems move to nix Trump's deportation order MORE (D-Conn.), Sherrod BrownSherrod BrownHouse bill would prevent Trump from lifting Russian sanctions Dem senators call for independent Flynn probe Overnight Regulation: Trump signs repeal of oil industry transparency rule MORE (D-Ohio), Ben CardinBen CardinHouse bill would prevent Trump from lifting Russian sanctions Overnight Cybersecurity: White House does damage control on Flynn | Pressure builds for probe Will Cory Booker vote against America’s ambassador to Israel? MORE (D-Md.), Al FrankenAl FrankenAT&T, Time Warner defend deal The Hill's 12:30 Report FCC chair responds to Franken's net neutrality concerns MORE (D-Minn.), Amy KlobucharAmy KlobucharDrug importation from other countries will save dollars and lives Top antitrust senators call for Sessions to scrutinize AT&T-Time Warner merger Senate advances Trump's Commerce pick MORE (D-Minn.) and Bill NelsonBill NelsonSenate advances Trump's Commerce pick CMS nominee breezes through confirmation hearing Net neutrality fix faces hard sell 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.