IntercontinentalExchange is cooperating with regulators in their efforts to restrict oil trading, but the Atlanta-based company insists that speculation is not the reason for soaring prices.

The company, commonly known as ICE, operates a number of commodities trading exchanges, including a major oil futures exchange based in London.

Trading in oil futures has come under attack from critics who say speculative investing is a factor in sky-high gasoline prices.

ICE finds itself in the middle of the issue.

Company executives testified last week and Monday before U.S. Senate panels, where an executive warned against "legislative interference" but also said ICE doesn't oppose new oversight of the London exchange as part of an effort to keep a lid on trading that might skew the market.

They also made it clear they don't believe that's happening. "There is no evidence that regulators or researchers have found demonstrating that excessive speculation is driving crude oil prices," said Sarah Stashak, an ICE spokeswoman.

Blame for higher oil and gas prices has been mainly split among three alleged culprits: a supply/demand imbalance, the dollar's devaluation and speculators' driving up futures prices. The first two are largely beyond any short-term fix.

But the government does have market-monitoring agencies. Under political pressure to protect consumers, regulators began looking for ways in which trading had gone too far.

The Commodities Futures Trading Commission recently announced rules to limit trading by any single speculator, while compelling ICE to report more information about trading. ICE has promised to provide the details the agency wants.

Stashak said supply and demand, combined with a weak dollar and lingering unease about the geopolitics of areas where oil is produced, have boosted prices.

"Speculation should not be misconstrued as manipulation," Stashak said. "Speculators play a vital role in market dynamics."

Oil traders buy rights to oil that will come onto the market in the next few months. These futures contracts grease the skids of the business, ensuring that there will be payment for companies that produce and distribute oil.

The traders don't actually take possession of any oil. Rather, they sell their rights along the way. If prices fall, they take a loss. If prices rise, they make money. Critics recently have charged that the speculation itself is propelling the price. They argue that more people are speculating with more money, boosting demand for oil futures.

As prices climbed steadily past the $100-per-barrel mark, some experts became convinced the trend was partly the result of a massive flow of capital into commodities trading.

Commodities look especially good these days for several reasons: Demand is rising as Asian economies grow. A weak dollar prods investors to shift to hard assets. Stock markets are going nowhere fast.

From corn to copper, a range of commodities has been rising rapidly.

But oil's rise has drawn more attention.

ICE's London exchange is the forum for trading of futures in Brent crude, a benchmark for global prices. ICE officials maintain that the London exchange, which they bought in 2001, was already supervised by the British Financial Services Authority. The regulatory changes will have no dramatic impact, they add.

The company says it has the authority "to order a member to reduce the size of a position that it considers to be too large," as well as authority "to take disciplinary action against its own members." Those actions are not public but have been taken against some traders, Stashak said.

Still, the CFTC has added new requirements.

It now requires that ICE set limits on traders' volume and that the company publish trading information every day. ICE is also required to provide a daily report on the positions held by large traders and a report every three months about positions above the limits it sets.

The moves seem mainly designed to shine a public light on trading, so outsiders can see what speculators are doing — and speculators know they are being seen. By setting even suggested limits on how much can be held, the agency hopes to dampen the power of any investor.