Courtney Unveils Three-Point Plan to Lower Gas Prices, Provide Relief to Small Businesses and Drivers

Press Release

Congressman Joe Courtney today unveiled a three-point plan aimed at reducing rapidly-escalating gas prices: reining in speculators, increasing responsible domestic production, and boosting long term green energy. Courtney announced the plan at Hytone Farm in Coventry, one of many eastern Connecticut businesses that have been severely impacted by rising fuel prices.

"With sharp increases in gas prices over the past few weeks, we are heading to an uncharted territory where the cost of fuel threatens our entire economic recovery," said Congressman Courtney. "As our nation tackles this growing problem, we must be clear that there are no "silver bullets' that will fix all our energy challenges overnight. However, there are steps we can -- and must -- take now, like reining in the speculators who account for as much as $27 of the cost of each barrel of oil. Ultimately, our response needs to be comprehensive and forward-looking."

In the past month alone, gas prices in Connecticut have gone up by more than $0.40 per gallon. According to a 2008 report, the percentage of speculators -- traders who never take possession of oil -- in the oil market has increased 16 percent, to over 57 percent of traders between 1998 and 2008, and has only grown since then. That increased presence has led to volatility in the markets and price increases for consumers. Congressman Courtney has sought to limit the impact of speculators who buy and sell commodities without ever taking possession of oil. He has urged the CFTC to accelerate their rule-making process both with letters and in hearings of the House Agriculture Committee. He has also urged action in speeches in the House.

Congressman Courtney has supported increased Investment in research and development of new energy technologies through initiatives like the American Recovery and Reinvestment Act -- the largest single domestic investment in clean energy in U.S. history. Courtney also supported the 2010 Tax Package, which included tax credits for renewable energy production and retrofitting of residential homes. Additionally, while Courtney has pushed for responsible budgets, he continues to advocate for investments that promote research, production, and delivery of clean energy to ensure that the United States remains competitive globally, long-term.

Congressman Courtney has a record of supporting legislation that requires companies that lease federal land for domestic exploration to actually use those lands for that stated purpose. Additionally, he is committed to ensuring that, as we look at options for expanding domestic exploration, we do so safely with proper oversight. He also supports legislation to provide tax breaks and incentives for the development of natural gas vehicles, fueling stations and other infrastructure to expand the use of this domestic fuel alternative with lower emissions.

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