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>> all right. the cftc. can the president put pressure on the cftc? the nominee is there but they can put in position limits. senator, what about that? >> certainly the congress can. the fact of the matter is, this agency is stuck in a regulatory swamp. they were supposed to have acted on this quite sometime ago and what we have said as united states senators, 17 of us, we've got to get this done by may 23rd. that's a memorial day weekend. certainly people are going to be driving a lot. we're going to try to put a real edge behind this and get it done by may 23rd. but mr. greenberger, position...

Because even adjusted for inflation, they're doing even better than they were in 2005 when they didn't say -- when they said they didn't need them. >> so how impactful, and i guess how inappropriate is oil speculation in the world right now? >> well, certainly oil speculation is a significant factor. i don't think it's everything, but as we saw, for example, just a few days ago, we saw oil prices moveç 8%. the speculators seemed to get cold foot. there were no changes in worldwide supply and demand. so i certainly think speculation is a factor. yesterday i, senator kantwell, collins, a numbe...

Unfortunately, our republicans have fought rampant speculation in the markets. they opposed the wall street reform bill. they have been fighting efforts to allow the regulator to establish position limits to prevent manipulation of the oil markets. one thing we can do now and quickly to pop the bubble is release some of the oil. you get a good price for the american taxpayer. >> i disagree. the strategic reserve has oil in it for about 66 days. it's there for specific emergencies and this isn't it. prices are up because there's increased global demand for oil. dollar is weak right now internat...

Lobbying. do these republicans care about the policy whether the gas prices go up, go down, the drilling makes a difference, doesn't make a difference or is it simply they are bought by the oil companies and that's why they do their bidding. >> there's evidence that there's undue influence that come with contributions from the oil industry. we're not doing things that make sense to the american people. the other big factor is market speculation. part of the financial reform was to limit position limits in trading of oil by speculators, financial speculators. that hasn't happened because of pre...

Something about it with the cftc and putting in position limits and the fact of the matter is right now politically we are seeing the republicans going out and they're going to beat the living tar out of the president politically on the campaign trail blaming him and it's always a campaign trail. i mean it started weeks ago. going to be blaming him. what should the white house do? what is the strategy here? >> i think you started well last week he started talking about an investigation but as you've pointed out and public citizen have pointed tout is not the illegal speculation that is the pro...