Federal regulators have taken a first step toward reining in oil speculation.

The Commodity Futures Trading Commission voted Thursday to propose new limits on trading in energy futures by Wall Street firms and other market players. The limits are aimed at keeping "speculative" investors from wielding excessive influence in the market. The agency opened the proposal to public comment for 90 days.

The move by the commodities agency marks a shift in government policy but whether it is enough to control future spikes in energy prices remains to be seen.