U.S. SENATOR ELIZABETH DOLE WANTS TASK FORCE TO SEARCH FOR FRAUD IN THE OIL AND GAS MARKETS

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FOR IMMEDIATE RELEASE                                                   

Thursday, May 22, 2008                                                                                                      
 

U.S. SENATOR ELIZABETH DOLE WANTS TASK FORCE TO SEARCH FOR FRAUD IN THE OIL AND GAS MARKETS

Group of Bipartisan Senators Tell the President the Justice Department Needs to Monitor Energy Markets in The Face of Rising Gas Prices

 

Salisbury, NC – U.S. Sen. Elizabeth Dole and six of her colleagues, wrote to the president urging him to create an Oil and Gas Market Fraud Task Force, which would ensure that energy markets are free from illegal market manipulation and corporate corruption.  The Task Force would be part of the President’s Corporate Fraud Task Force, under the Department of Justice.

“Harnessing the resources of our government in a concerted effort to monitor and protect our energy markets from any fraud or price manipulation is a responsible step given the rapid rise of energy prices,” said Dole.  “The President should take immediate action to establish this new Task Force, which can help restore the confidence of Americans in our oil and gas markets and prevent further harm to our economy.”  

Oil prices continue to hit record highs, rising above $135 a barrel today, and crude oil futures remain well above $100 per barrel through 2016.

“Congress has received testimony from energy market experts and major oil company executives that the price of oil and gas can no longer be explained or predicted by normal market dynamics or their historic understanding of supply and demand forces,” wrote Dole and her colleagues to the president.  “Prices for these necessities have more than tripled since 2002 – families, businesses and hard working Americans are struggling to make ends meet with ever shrinking disposable incomes.”

Over the last several years, several major energy companies, such as Amaranth, Marathon Oil and British Petroleum, have been under federal investigation, and some even fined, for manipulation of petroleum and natural gas markets.

 

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