Statement from Assembly Energy Chair Cahill on President’s Plan to Curb Energy Market Manipulation

Urges Attorney General Schneiderman to use role on oil and gas working group to expand gasoline investigation into energy trading

Albany, NY – Assemblymember Kevin Cahill (D-Ulster, Dutchess) released the following statement:

“President Obama’s proposal to strengthen oversight of our energy markets is the right move for New York consumers struggling to cope with gas prices hovering above $4 per gallon. While the price of oil is driven largely by global forces, we have certainly seen our share of market manipulation here, which over the years has cost our residents hundreds of millions of dollars.

“Instead of protecting big oil tax breaks during times when these companies have enjoyed record profits, leaders in Congress need to step up and give the Administration the resources it needs to go to bat for consumers. I urge Attorney General Eric Schneiderman to use his role on the President’s Oil and Gas Working Group to build on his study of New York’s gasoline pricesi by expanding his investigation to examine the trading practices in our oil, natural gas and electricity markets.

“Fighting market manipulation is not going to solve the problem, but it is a start. We still need a comprehensive energy strategy where investments in infrastructure, efficiency, solar generation, smart grid and energy storage are placed front and center. A coordinated plan, like the one New York is undertaking, to integrate all of these innovations will help create and sustain thousands of jobs and insulate our country from the inevitable rise of natural gas prices and the very real impact of climate change.”