U.S. Senator Blumenthal Seeks End to Oil Speculation

U.S. Senator Richard Blumental said federal legislation could help control speculation in oil markets that is adding more than $.50 cents to the cost of a gallon of gasoline.

Blumental visited Barry Connell's at 133 Padanaram Road Friday, saying three things are contributing to high gasoline prices that are not only hurting consumers, but the high prices are also hurting small business owners and their employees.

"I'm trying to keep my prices reasonable," said Connell, who has owned the shop at the corner of Clapboard Ridge and Padanaram for 30 years. "I get price swings of $.20 cents a day."

Both Blumenthal and Connell said those swings are in part due to futures trading in the oil market.

"This is an issue about our consumers and our economy," Blumenthal said. He said there is federal legislation proposed to limit oil speculation, and he supports that legislation. He would also like legislation or regulations that would order oil drilled from U.S. Federal Government land be sold inside the U.S. and not sold overseas. "There are remedies that could be introduced right away that would reduce the swings in gas prices."

  Blumenthal said he'd also like the U.S. government to stop what he called the hidden giveaways and corporate subsidies to oil companies.