FOR IMMEDIATE RELEASE
May 8, 2008
 
CONTACT:
Kate Bedingfield
603 782 4613 (o)/603 361 8036 (c)/ kbedingfield@jeanneshaheen.org

Caitlin Legacki
603 782 4613 (o)/603 361 9643 (c)/ clegacki@jeanneshaheen.org

JEANNE SHAHEEN ADDRESSES SKYROCKETING GAS PRICES IN PORTSMOUTH
 
(Manchester, NH) —Former Governor and current U.S. Senate candidate Jeanne Shaheen today discussed her plan to provide New Hampshire families with relief from skyrocketing gas prices.
 
"High gas prices are impacting middle class families," Shaheen said.  "Not only are they shelling out money at the pump, but the high price of oil is reverberating throughout the rest of our economy, as well: food prices are higher and tourism is likely to suffer this summer.
 
"We must crack down on the reckless market manipulation by oil companies, refiners, billion dollar hedge funds and oil-producing countries that is artificially driving up gas prices for middle class families."
 
Speaking at Tony's LukOil in Portsmouth, where drivers are paying $3.57 for a gallon of regular unleaded gasoline, Shaheen outlined four steps Washington should take to help New Hampshire's middle class families, who are being squeezed like never before by today's gas prices:
 
*Close the Enron loophole.  Currently, Wall Street traders are allowed to gamble on the price of oil on an electronic market, artificially driving it up in an attempt to make huge profits. Shaheen believes we need to put an end to this practice and let the forces of supply and demand, not Wall Street traders, determine oil and gas prices.
 
*Demand that refiners increase their production of oil. Refineries, most of which are controlled by the big oil companies, have been utilizing less than 85% of their capacity for most of this year. Shaheen believes we should create an Oil and Gas Market Fraud Task Force to investigate allegations of oil and gas market manipulation and fraud, similar to the Corporate Fraud Task Force established in 2002 in the wake of the Enron scandals. [U.S. Department of Energy]
 
*Stop filling the Strategic Petroleum Reserve and release 30 million barrels of oil. Shaheen believes we should bring prices down by increasing America's oil supply by releasing 30 million barrels of oil from the Reserve.
 
*Pressure OPEC to increase production.  Right now, under U.S. anti-trust laws, OPEC countries cannot be held accountable, even when they are engaged in coordinated activity to manipulate the global oil market.  Shaheen believes we should amend the law so that the Justice Department can bring suits in US courts against OPEC for price fixing.
 
For more information, please visit www.JeanneShaheen.org.