Lawmakers demand CFTC curtail oil speculation, impose limits

A group of 70 lawmakers, citing rising gasoline prices, on Monday demanded that the Commodity Futures Trading Commission move immediately to impose strict limits on oil speculation.

The 23 senators and 47 representatives, in a letter to commission members, accused the group of dragging its feet in imposing limits strong enough to "eliminate, prevent, or diminish excessive oil speculation."

The lawmakers included Sen. Bernard Sanders, I-Vt., Sen. Bill Nelson, D-Fla., and Sens.Joe Manchin and John Rockefeller, both West Virginia Democrats.  Everyone who signed the letter, with the exception of Sanders, is a Democrat.