U.S. Sen. Maria Cantwell has blocked three nominations to the Commodity Futures Trading Commission, saying that the federal agency has failed to regulate oil markets even as the price of gas hits new highs almost daily.

The Washington Democrat’s action came as the Senate began debate Thursday on a bill designed to rein in speculation on the markets in which crude oil futures are traded. Cantwell and others think that speculators have driven up the price of oil and could be responsible for more than one-dollar of the cost of a gallon of gasoline at the pump.

Though some Republicans are sympathetic to the need to provide tighter control over energy markets, Idaho Sen. Larry Craig says that any energy legislation should include lifting the congressional moratorium on offshore drilling for oil and natural gas.

US Senator Larry Craig (R-Idaho) comments

Cantwell and most Democrats oppose lifting the offshore-drilling ban, citing the Department of Energy as saying that offshore oil and gas wells wouldn’t come online for seven to 10 years. (McClatchy)