In recent weeks, CFTC Chairman Gary Gensler said that 80 percent of the oil futures market is held by speculators, squeezing out bona-fide hedgers such as farmers and airlines. Just a decade ago, speculators controlled 37 percent of the oil futures market. Goldman Sachs has estimated that for every million barrels of oil held by speculators, the price of a barrel of oil goes up 8 to 10 cents. And last month, when oil was trading at just under $100 per barrel, the CEO of Exxon Mobil said when questioned by Cantwell that oil should cost between $60 and $70 per barrel if the price were based on supply and demand fundamentals. The last time crude prices were stable in the $60-$70 range was between June and August of 2009 and the national average price of regular gasoline was $2.50 to $2.70, according to the Energy Information Administration.