As the U.S. price of gasoline is nearing or passing $4 a gallon, 70 Democratic House and Senate lawmakers sent a letter to the Commodity Futures Trading Commission urging the regulator to enforce certain limits on speculative trading in oil futures.

Deflecting an already rising tide of criticism over gas prices, President Obama warned the nation that there are “no short-term silver bullets” to solve the problem. But the President also said his administration is considering all options and areas in which the government can make an impact on oil markets.