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Murphy Trying To Stop Oil Speculators From Influencing Prices
Jul 22, 04:46 PM
Waterbury Republican-American
July 16, 2008
Every day we all feel the effects of the rising gasoline prices while Wall Street energy traders rake in bigger and bigger profits. Government and private experts agree that speculation is driving up the price of oil beyond what it should be.
Rep. Christopher Murphy, D-5th District, is working hard to address this. Chris understands the huge impact that rising prices have on us, our businesses and our economy.
Recently, he voted to give emergency powers to the Commodity Futures Trading Commission (CFTC) so it can fight speculation and bring down prices.
Chris is also supporting the Consumer Oil Price Protection Act, which will prevent investors from participating in the market if they are only speculating and cannot store the oil they are buying.
Chris knows this problem isn’t simple and doesn’t have one easy solution. He is working to fix it on all of the many fronts in the short and long term. While many of the changes, such as investments in alternative energy, require many years to develop fully, cracking down on speculation should help bring prices down when we need really need it: now.
I am proud to have a representative in Congress who understands this importance of this issue and is dedicated to solving it.
Jean Garner
Cheshire
