Graves: Close the Enron Loophole

Statement

Graves: Close the Enron Loophole

U.S. Congressman Sam Graves issued the following statement at the Agriculture Committee's hearing on energy market speculation and its impact on prices:

"There are times when excessive speculation, misinformation, and a lack of transparency can drive prices up. We need to close the Enron loophole to make sure that energy prices are not being manipulated by speculators and scam artists."

"I have played an active roll in ensuring that traders are not cheating the system. First, by introducing legislation in the 109th Congress, H.R. 1638, the Commodities Exchange Improvements Act of 2005, then by co-authoring legislation in the 110th Congress, H.R. 3009, Market Transparency Reporting of United States Transactions Act of 2007. Most recently, I have worked on provisions in the Farm Bill to shed more light on all energy commodities and how they are traded. However, there is still work to be done to ensure fairness and transparency in the energy market."

"As I have mentioned in the past, there is no silver bullet solution to high energy costs, but rather a combination of things. Most importantly, we must domestically produce fuel that we have available in Alaska and the Outer Continental Shelf. I also believe that alternative fuels including wind, ethanol, biodiesel, and hydrogen will help solve our energy crisis."

"I look forward to working with my colleagues to ensure the American public and the people of the 6th district are not being cheated by speculators who manipulate prices at the expense of American drivers."

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