–Senate Majority Leader: ‘Rampant Speculation’ Pushing Up Gas Prices
–Sen. Reid: ‘No Easy Fix’ To Gas Price Surge
–Senate Minority Leader McConnell: Time To Develop US Energy Resources
–Sen. McConnell: Strategic Reserve Is ‘There For An Emergency’
By John Shaw
WASHINGTON (MNI) – Senate Majority Leader Harry Reid and Senate
Minority Leader Mitch McConnell resumed partisan combat Tuesday, with
each saying the other party is not doing enough to address the soaring
price of gas.
In back to back briefings after Senate party lunches, Reid and
McConnell agreed that steps are needed to confront the rising price of
oil, but differed sharply on what those policies should be.
Speaking first, McConnell said that gas prices have risen 100%
during the Obama administration and said that part of the reason
for the recent price surge is due to inadequate American energy
production.
The U.S., he said, needs to “get serious about exploiting its own
resources.”
He also said that it was “high time we began to extract the
resources we have.”
McConnell signalled skepticism about tapping the Strategic
Petroleum Reserve, saying the reserve is “there for an emergency.”
He indicated the current situation does not reach the state of an
emergency yet.
Speaking next, Reid said the U.S. should do “anything we can that
is reasonable” to address the rising price of gas.
“There is no easy fix,” Reid said.
“We’re not going to leave any stone unturned,” Reid said.
Reid said that one of the forces pushing gas prices upward is
speculation in petroleum markets, adding this may be a matter that the
Federal Trade Commission should examine.
“We know there is rampant speculation going on,” Reid said.
** Market News International Washington Bureau: (202) 371-2121 **
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