Lawmakers in Washington are sick and tired of the wild price spikes in crude oil and are out to limit speculation.

Sen. Carl Levin (D-Mich.) has asked the Commodities Futures Trading Commission, which regulates oil futures contracts, to weigh putting tighter reins on some of those who trade in crude.

“Yes, we’re going to be looking at other commodities in the future and we’re considering [oil] right now, actually,” said Bart Chilton, CFTC chief, noting “the energy complex, with specific emphasis on oil, is something we’re very keen on.”

While the worldwide recession has cooled economies around the world, weakening demand the growing supplies, the price of oil has more than doubled. Some pin that price rise on speculation.