Enlarge By Yuri Gripas, Reuters Walter Lukken, acting chairman of the Commodities Futures Trading Commission (CFTC), testifies before the Senate Financial Services and General Government Subcommittee in Washington on Tuesday. The CFTC will now require trades placed on the ICE Futures Europe, an electronic exchange based in London, to adhere to the same position limits and reporting standards that apply in the USA. OIL'S UPS AND DOWNS OIL'S UPS AND DOWNS

Crude oil futures, dollars per barrel, 2 years. Crude oil futures, dollars per barrel, 2 years. JOIN THE DISCUSSION JOIN THE DISCUSSION The average price of a gallon of regular gasoline is rising fast. How has the price affected you? Join the discussion at USA TODAY's Fuel Forum to swap stories and money-saving tips with fellow readers. The push to improve the integrity of the white-hot oil futures market is gaining momentum. With suspicions of oil speculation on the rise, the USA's top commodities cop announced steps Tuesday to close some regulatory loopholes that hindered its ability to detect market abuse. The moves are designed to make it easier for U.S.-based regulators to monitor investors that trade U.S. oil on foreign exchanges and identify ones that try to game the system. The Commodity Futures Trading Commission (CFTC) will now require trades placed on the ICE Futures Europe, an electronic exchange based in London, to adhere to the same position limits and reporting standards that apply in the USA. The more stringent rules apply to the West Texas Intermediary crude oil contract, which is linked to the New York Mercantile Exchange (Nymex) crude oil contract. The new rules, which must be met for ICE traders to access U.S. markets, take effect in 120 days. This change will, in effect, undo some of the regulatory differences between the CFTC and the Financial Services Authority, which oversees British trading. It will enable the CFTC to gather more detailed overseas trading information — especially on large positions — on a more frequent basis. The CFTC will now be able to observe a trader's full position in both U.S. and foreign futures markets to "ensure that traders are not gaming one market to influence the other," noted CFTC's acting Chairman Walter Lukken. The CFTC has been hamstrung in its surveillance because it had been able to closely monitor trading activity only on U.S.-based exchanges, such as Nymex. It had less access and power to gather information about trades taking place overseas on markets such as ICE that it doesn't regulate. That setup made it easier for traders to build, disguise and hide big positions that could be considered speculative or even manipulative. Lawmakers, many critical of CFTC, have blamed this regulatory blind spot for driving oil prices up roughly 40% this year to $134 a barrel. The CFTC's announcement coincided with a Senate hearing Tuesday on Capitol Hill that addressed the role, responsibilities and resource needs of the CFTC. At the hearing, Sen. Richard Durbin, D-Ill., chairman of the Senate Appropriations Subcommittee on Financial Services and General Government, said the government is still trying to figure out the cause of the oil super spike. He suspects that something other than supply-and-demand is at play. He wouldn't rule out speculation or manipulation. "No one knows for sure what's going on here," Durbin said in prepared remarks. Durbin said he will work to secure additional funding requested by the CFTC. It asked for $27 million above the $130 million budgeted for 2009. Durbin praised the CFTC for expanding its oversight of overseas trading. Guidelines: You share in the USA TODAY community, so please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Use the "Report Abuse" button to make a difference. You share in the USA TODAY community, so please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Use the "Report Abuse" button to make a difference. Read more