Democrats in Congress called on the U.S. futures regulator to crack down on excessive speculation in oil markets as rising gasoline prices move to the forefront of the presidential election campaign. 

 

In a letter to the U.S. Commodity Futures Trading Commission, 23 senators and 45 members of the House of Representatives called on the agency to stop "dragging its feet" on implementing new regulations to stop Wall Street from dominating the oil market.

Meanwhile, gasoline prices are soaring despite plenty of supply and low demand, the lawmakers charge.

"As the cost for American people to fill their gas tanks continues to skyrocket, the CFTC continues to drag its feet on imposing strict speculation limits to eliminate, prevent, or diminish excessive oil speculation," the members of Congress told the commissioners in a letter. "We urge you to take immediate action to impose strong and meaningful position limits, and to utilize all authorities available to you to make sure that the price of oil and gasoline reflects the fundamentals of supply and demand."