RUBBERSTAMP RECORD: JOHN SUNUNU VOTES WITH BUSH WHITE HOUSE, AGAINST CLOSING ENRON LOOPHOLE, FUNDING WOOD-BASED BIOFUEL DEVELOPM

FOR IMMEDIATE RELEASE

May 15, 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

RUBBERSTAMP RECORD: JOHN SUNUNU VOTES WITH BUSH WHITE HOUSE, AGAINST CLOSING ENRON LOOPHOLE, FUNDING WOOD-BASED BIOFUEL DEVELOPMENT

Sununu one of just 15 Senators to vote to continue Bush-Cheney energy policy that has resulted in record high gas and food prices

(Manchester, NH) – Today, John Sununu voted against the 2008 Farm Bill, which would expand key nutrition programs, including fruit and vegetable snack programs for kids and emergency funding for food banks, invest in energy independence and economic opportunity for rural communities and, as New Hampshire drivers struggle under record high gas prices, close the Enron loophole that is allowing reckless speculation by Wall Street traders to drive up the cost of gas in New Hampshire and across the country.  The bill also included $1 billion in funding to promote biofuels, including wood-based biofuels that would generate cleaner energy and create jobs in New Hampshire.

The bill passed both the House and Senate with a veto-proof majority.  Sununu was one of just 15 Senators to vote against the bill and with President Bush, who has threatened to veto the bill. [Senate Vote #130, 5/15/08]

"Today, John Sununu had a chance to stand up for New Hampshire families, but instead chose to stand up for the Bush-Cheney energy policy that has resulted in record high gas and food prices, and limited investment in alternative energy sources," said Jeanne Shaheen, former Governor and current candidate for US Senate.  "The Enron loophole allows billion-dollar hedge funds and Wall Street traders to speculate on the price of oil, artificially driving up profits for the oil companies and prices for New Hampshire drivers.  New Hampshire families need a Senator who will fight for a real change in our national energy policy, not a Senator who stands up for the same old Bush-Cheney policy that has gotten us where we are today."

Sununu also voted against $1 billion in funding for the development and promotion of biofuels, including wood-based biofuels that won't impact the global food supply and, given New Hampshire's abundant forest resources, will create jobs right here at home.

Over the past months, Shaheen has been traveling around New Hampshire on her Middle Class Matters tour, discussing steps that Washington can take to bring down oil prices and calling on Congress to close the Enron loophole.

"Congress has taken an important step today for middle class families by voting to close the Enron loophole," Shaheen said.  "But they should go further.  Congress must take significant action on a range of proposals to ease the burden New Hampshire drivers are feeling at the pump and at the grocery store."

During her Middle Class Matters tour, Shaheen has called on Washington to take action to bring down oil and food prices for New Hampshire families:

● Crack down on excessive speculation in agricultural markets by lowering the number of futures contracts that traders who are not in the food business can buy, and by limiting exemptions that allow traders who are not in the food business to speculate on the price of agricultural commodities.  Tightening the restrictions on food price speculation will lessen speculators' ability to artificially raise the price of food.   
  
● Increase tax incentives for wood-based ethanol and reduce subsidies for corn-based ethanol.  Shaheen supports investing money in exploring methods being developed right here in New Hampshire to use forest byproducts to create cellulosic wood-based ethanol.  Wood-based ethanol won't have an impact on the global food supply and, given New Hampshire's abundant forest resources, expanded use of cellulosic ethanol will create jobs right here in New Hampshire.
 
● Take significant steps to bring down the cost of oil, which is driving up the cost of food by increasing the cost of transportation and making it more expensive for farmers to run their equipment.  Congress should take action by:
 
*Releasing 30 million barrels of oil from the Strategic Petroleum Reserve to help increase supply

*Closing the Enron loophole that allows Wall Street traders to gamble on the price of oil, artificially driving it up in an attempt to make huge profits
 
*Amending our anti-trust laws to allow OPEC to be held accountable for price-fixing

*Demanding that oil refineries, most of which are run by the big oil companies, increase their production of oil

*Creating 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.