Sanders bill would force CFTC's hand in effort to lower gas prices

The legislation is co-sponsored by Sens. Richard Blumenthal (D-Conn.), Sherrod BrownSherrod Campbell BrownEquilibrium/Sustainability — New life blossoms in Antarctic ice shelf Musk hits back after Warren accuses him of 'freeloading' Biden nominates Sandra Thompson as FHFA director MORE (D-Ohio), Ben CardinBenjamin (Ben) Louis CardinDemocrats mull hardball tactics to leapfrog parliamentarian on immigration Democrats face painful reality as priorities stumble Democrats lack backup plan with expanded child tax credit set to lapse MORE (D-Md.), Al FrankenAlan (Al) Stuart FrankenMeet the Democrats' last best hope of preserving a House majority Franken rules out challenge against Gillibrand for Senate seat Franken targets senators from both parties in new comedy tour MORE (D-Minn.), Amy KlobucharAmy KlobucharOvernight Defense & National Security — Thousands denied religious exemptions Biden signs bill streamlining emergency support for Capitol Police Democrats end year reopening old wounds MORE (D-Minn.) and Bill NelsonClarence (Bill) William NelsonThe James Webb Space Telescope is a -billion gamble 10 new astronaut candidates inaugurated at NASA NASA spacewalk delayed due to debris threat 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.