WASHINGTON – U.S. Senator Chris Coons (D-Del.), a member of the Senate Energy Committee, today expressed strong support for President Obama’s plan to step up oversight and prevent manipulation in energy markets. With a gallon of gas in Delaware averaging $3.89, Senator Coons supports strong action to ensure that illegal market manipulation, market rigging and fraud are not keeping gas prices artificially high, squeezing Delaware families and slowing our economic recovery.
“Delaware families are seeing their household budgets crunched by high gas prices, and the least we can do is ensure energy markets are fair and honest,” Senator Coons said. “Although we have limited ability to reduce gas prices in the short term, we can prevent manipulation and fraud in the markets from sending prices skyrocketing for Delaware families. These illegal activities are hampering our nation’s economic recovery, and it’s time to crack down and put a stop to them.”
Earlier this month, Senator Coons joined several of his colleagues, including Senator Sheldon Whitehouse of Rhode Island, in a letter to Attorney General Eric Holder, requesting a full report on White House efforts to combat fraud in oil and gas markets. The letter noted that experts have identified market speculation as a key driver of high prices consumers pay at the pump, and urged an “all hands on deck” strategy to address unjustifiably high gas prices.
This morning, President Obama called for additional measures to deter illegal market manipulation and hold accountable those who would break the law for their own financial gain.
For more details on the President’s plan, please visit www.whitehouse.gov.
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