LARSON AND DELAURO BLAST REPUBLICAN CONGRESS FOR LACK OF SOLUTIONS TO RISING FUEL PRICES
Lawmakers offer comprehensive plan to address problem
U.S. Congressman John B. Larson (CT-1) today outlined comprehensive solutions to the problem of soaring fuel costs. Larson was joined by Gene Guilford, Executive Director of the Independent Connecticut Petroleum Association (ICPA), Attorney General Richard Blumenthal, and U.S. Congresswoman Rosa DeLauro (CT-3).
"Gene Guilford and former South Windsor mayor John Mitchell, a rock solid Republican, came to me with their concerns about fuel prices. Since then, their concerns have escalated. Today I'm calling for the roll back of tax breaks for the oil industry. This Administration's motto should be leave no oil man behind' or with regards to our foreign policy, as Thomas Friedman has said, leave no mullah behind.'"
Gene Guilford stated, "Fuel prices in America are set, at first, on the New York Mercantile Exchange and are influenced by commodity exchanges worldwide. In December of 2000 the Congress repealed part of the authority of the federal agency responsible for the oversight of the NYMEX so that today, the Commodity Futures Trading Commission [CFTC] only sees about 25% of the buying and selling of energy commodities. Thanks to the leadership of Congressman Larson, we have not only shined light on this mistake, we're now working to correct it to make sure the American people can have total confidence in the market system that establishes energy prices for this country and every consumer."
Larson continued, "In looking at this issue over the past year, I've seen that oil companies and executives are making record profits while consumers and small businesses are being hurt by soaring fuel costs. We've identified four main causes to this problem: market manipulation, price gouging, unneeded tax breaks for the oil industry, and dependence of foreign sources of energy. Today we're here to offer comprehensive solutions."
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