Feingold Stands Up For Consumers Against High Gas Prices

Press Release

U.S. Senator Russ Feingold is standing up for consumers against practices by the big oil corporations and Wall Street speculators that have contributed to increased gas prices. Feingold wants more oversight of energy markets to curb risky energy speculation that contributes to high gas prices and is also urging the Obama administration to support his "Use It or Lose It" legislation to spur oil companies to develop the federal lands they are already leasing before they obtain more federal leases. In a letter sent today to Senate Majority Leader Harry Reid (D-NV), Feingold urged him to support the inclusion of more oversight of energy markets in any financial regulatory reform bill considered by the Senate. With the summer driving season approaching, Feingold tells Reid it is critical that energy market speculation and its impact on the price of gas be curtailed.

"It's time for Congress to increase transparency and reduce the threats of manipulation and excessive speculation that have plagued our energy commodity markets for years," Feingold said.

As President Barack Obama considers expanding offshore drilling, Feingold also sent a letter to the president today urging him to consider Feingold's "Use It or Lose It" legislation. Feingold's bill, S. 1623, requires that oil and gas companies develop the viable leases they already have before seeking additional leases. Oil companies currently lease over 83 million acres of federal land and water, but reports show the oil companies are not developing nearly 61 million acres of these leases.

"Oil and gas companies are only producing on a fraction of their existing leases," Feingold said. "One of the fastest ways to increase domestic oil and gas production is to make companies develop the leases they already have that often have already been explored."

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