Next month, Representative John B. Larson, a Connecticut Democrat, plans to go even further, proposing legislation that would essentially ban over-the-counter trading of energy futures by traders who don’t plan to take physical delivery of the commodity. While Nymex trading would be largely unaffected, billions of other trades could potentially be brought to a halt.

The idea for the bill, Mr. Larson says, came from local suppliers of heating oil, gasoline and diesel in Connecticut, who say the price spike can’t be explained by simple supply and demand. While advocates defend the futures market as a way of hedging against higher prices, Mr. Larson doesn’t buy it. “We see this as nothing short of greed on the part of speculators,” he says.

Perhaps the middle ground is to only let companies that have a reason to hedge to trade futures?