As fuel prices rise, Welch tackles energy speculation |
Monday, 20 December 2010 11:13 |
As fuel prices in Vermont and throughout the country rise to levels not seen since the 2008 price spike, Rep. Peter Welch (D-Vt.) announced Thursday that he will seek to clamp down on energy speculation in the next Congress. Welch, a long-time advocate of energy market transparency, said he plans to introduce two bills in the next Congress to address energy market manipulation: The Prevent Unfair Manipulation of Prices (PUMP) Act: The Stop Tax-breaks for Oil Profiteering (STOP) Act: According to Vermont's December fuel report, gasoline prices have jumped $.46 a gallon since September, bringing the average price of a gallon of gas to $3.14. With supply strong and demand relatively weak, many economists believe prices have risen beyond what the market should allow. This most recent rise in gasoline prices has coincided with a sharp rise in speculative energy contracts. In May, Welch called on the CFTC to use their existing authority to crackdown on energy speculation. In July, he supported the Dodd/Frank Financial Reform legislation, which gave greater oversight of the energy commodities market to the CFTC. To further address this issue, Welch is joining with Rep. Stupak - who has been a forceful advocate for this cause during his 17 years in Congress - to continue the fight for energy market transparency in the 112th Congress. "Congressman Welch was an early supporter of the PUMP Act and continues to fight to bring commonsense to our energy markets," Stupak said. "I am pleased that he will be reintroducing this important piece of legislation and continuing this important fight in the next Congress." The 112th Congress will convene on January 5, 2011. |