Carney wants gas control

WASHINGTON — Congressman Chris Carney reports that he is taking action in Congress to hold oil and gas companies accountable for their prices. Carney is cosponsoring legislation that would close the “Enron Loophole” and require oil and gas companies to play by the same rules as other industries. “In my district in northeast and central Pennsylvania, gas is over $4 a gallon, and this is impacting all industries—from family farmers to trucking companies,” said Congressman Carney. “I’ve met with heating oil distributors, who share my concern that our seniors on fixed incomes will be unable to afford to heat their homes this winter.” “Why are oil and gas companies increasing their supplies without giving a break to our families who are struggling to make ends meet? We know that excessive speculation in the energy markets has been identified as a key factor driving up the price consumers pay for gas. Common sense legislation like the PUMP Act would close the ‘Enron Loophole’ and make a real difference in the price of gas. If energy futures traders were required to report to the Commodity Futures Trading Commission (CFTC) we would have oversight and accountability in the process,” said Carney. At a press conference, Carney and other Members of Congress presented a report from the Energy Information Administration (EIA) showing gasoline supplies are abundant relative to 2007, yet the price for gas has skyrocketed. Carney is a supporter of HR 594, the Prevent Unfair Manipulation of Prices Act (the PUMP Act), which seeks to correct the “Enron Loophole.” The loophole allowed energy commodities such as crude oil, gasoline, and natural gas to play by their own rules, and be traded outside of the New York Mercantile Exchange (NYMEX) without any oversight by the Commodity Futures Trading Commission. “These oil executives are taking home record profits because they don’t have to play by the rules — this is not fair to our families and not fair for our economy,” said Congressman Carney. Congressman Carney has consistently fought for lower gas prices in Congress with the Federal Price Gouging Act, which would make it a crime to artificially inflate the price of gas. “Lowering gas prices will bring a real change to American families. Bringing accountability to the process is the right thing to do. I will continue to fight for lower gas prices for our families in Congress,“ said Carney.