Blumenthal Applauds President, Renews Calls For Stronger Oversight Of Energy Markets

(Washington, DC) – Today, Senator Richard Blumenthal (D-CT) issued the following statement on President Obama’s plan to crack down on speculation in energy markets, commending the President for taking stronger steps in oversight over these markets. These markets have been manipulated for financial gain, only for the price of gas to increase at the expense of the average consumer. Blumenthal is a longtime advocate of further oversight over these markets.

“Each day I hear from consumers and small businesses in Connecticut – including gasoline station owners – who tell me that volatile, sharply-rising gas prices make business and daily travel unbearable and unsustainable in these tough times. The President’s plan to crack down on manipulation of oil prices is a strong step to prevent illegal conduct and hold accountable those who manipulate markets for financial gain,” said Blumenthal. “Many of the actions I advocated for are included in this proposal, empowering the CFTC (Commodity Futures Trading Commission) to be more aggressive in cracking down on excessive speculation. I urge my colleagues to adopt this plan and ensure illegal manipulation is not driving up prices at the pump.”

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