Senator Bernie Sanders (I-VT) called on Tuesday for an investigation into oil price manipulation. He also proposed a 30-day deadline for federal regulators to use emergency powers to curb excessive speculation in crude oil markets.
“We must do everything that we can to make sure that oil and gasoline prices are transparent and free from fraud, manipulation, abuse and excessive speculation,” said Sanders, a member of the Senate energy committee.
Over the past five months, the national average price for a gallon of gasoline has gone up by more than 41 cents. The price hikes come at a time when U.S. oil inventories reached a three-decade high while demand for gasoline is lower than four years ago when prices averaged less than $2.30 a gallon.
Sanders spoke about rapidly rising gas prices during a Senate floor speech on two amendments he proposed to the farm bill.
“The skyrocketing cost of gasoline and oil is causing tremendous hardship to the American consumer, small businesses, truckers, airlines and fuel dealers. In fact, as we struggle to claw our way out of this terrible recession, high oil and gas prices are enormously detrimental to the entire economic recovery process,” Sanders said.