Larsen Addresses Gas Prices

Washington, DC, April 26, 2011

Today, U.S. Representative Rick Larsen (WA-02) released the following statement on the announcement that the Department of Justice established the Oil and Gas Price Fraud Working Group.

“Last week the President’s announced the formation of an Oil and Gas Price Fraud Working Group. This group must take a hard look at the manipulation of gas prices – determining where and when any fraud of prices took place. We must make sure that every effort is being taken to identify and halt speculation.

“All across Washington, families and small businesses are once again struggling to meet the demanding budget strain caused by skyrocketing gas prices. When gas prices hit record highs three years ago, I voted in favor of the creation of a task force similar to the one now being formed. I expect this group to present a complete picture to the President and hope any findings of manipulation will be swiftly addressed by the Administration and by Congress.

“There is no simple fix or solution for rising gas prices. We must crack down on speculators, but ultimately long-term investments and policy changes are the only way to stabilize our energy future. I will continue to listen and work with my constituents to address their needs. This situation affects all of us and we must take the necessary steps to end the cycle.”

On August 21st, the President and Attorney General Eric Holder announced the formation of the Oil and Gas Price Fraud Working Group. In his memo outlining the group, Mr. Holder called for the exploration of “whether there is any evidence of manipulation of oil and gas prices, collusion, fraud or misinterpretations at the retail or wholesale levels that would violate state or federal laws and that has harmed consumers…” and the evaluation of “the role of speculators and index traders in oil futures markets.”

The Energy Information Administration reports that the average price of unleaded regular fuel in Washington last week was $3.94 per gallon, 88 cents higher than it was one year ago and ten cents higher than the national average.

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