The U.S. Commodity Futures Trading Commission Tuesday announced the formation of an interagency task force to evaluate developments in the commodity markets including the influx of new investors into commodity futures markets.

In a statement before the Energy Markets Advisory Committee, Commissioner Bart Chilton declared, I feel somewhat like the blindfolded boxer. When the bell rings, I just start swinging.

The bottom line is, we need to investigate, in a comprehensive and probing matter, what is happening in these markets before making a rush in judgment about what is or what is not causing these extremely unusual price movements, he added.

The remarks were made during the initial meeting of the CFTC's new Energy Markets Advisory Committee.  Chairman Walter Lukken said the CFTC-led interagency task force-which includes staff representatives from the CTFC, Federal Reserve, Department of the Treasury, Securities and Exchange Commission, Department of Energy, and Department of Agriculture-will examine investors practices, fundamental supply and demand factors, and study the role of speculators and index traders in the commodity markets.

It is intended to bring together the best and brightest minds in government to aid public and regulatory understanding of the forces that are affecting the functioning of these markets and it will strive to complete its work quickly and make public its results, Lukken added.

In a news release, the CFTC said, high commodity prices are posing a significant strain on U.S. households and the announced interagency task force will aid public and regulatory standing of the forces that are affecting the functioning of these markets.