Begich Supports Efforts to Keep Gas Prices Low
Curb Illegal Speculation and Cut Costs for Consumers
U.S. Sen. Mark Begich today supported an amendment to curb excessive and illegal oil and gas speculation by Wall Street banks and other traders.
Begich supported an amendment to the Financial Services Appropriations bill considered today in the Senate Appropriations Committee It directs the Federal Trade Commission (FTC) and the Commodities Futures Trade Commission (CFTC) to coordinate their petroleum and market oversight, collect more robust data on the markets in order to provide better oversight and create a report on their respective roles and activities.
“Eighty percent of the market is controlled by speculators that – to be frank – jack up the price on a consumer who ultimately ends up paying at the pump,” Begich said. “It’s about 60 cents a gallon that’s added to the cost for a consumer. That results in billions of dollars for our families and workers. We need to protect our consumers.
“I support this amendment because, as someone from an oil and gas state, this is the right approach to keeping costs down at the pump. The real people using the resource that should get the fuel are folks like trucking companies or airline companies – not these speculators.”