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Sen. Cornyn: Federal Enforcement Action Highlights Importance of Passing Comprehensive Energy Solution
Thursday, July 24, 2008
AUSTIN—U.S. Sen. John Cornyn, R-Texas, said today’s announcement by the U.S. Commodity Futures Trading Commission (CFTC) that it has filed energy market manipulation charges against officials from a global trading fund further highlights the need for Congress to pass a comprehensive energy bill that strengthens domestic production, promotes alternative energy, and strengthens enforcement against bad actors.
The CFTC filed charges against Optiver Holding BV for alleged market manipulation of “New York Mercantile Exchange (NYMEX) Light Sweet Crude Oil, New York Harbor Heating Oil, and New York Harbor Gasoline futures contracts during March 2007.” This successful identification of manipulation by the CFTC is an important example of what Senator Cornyn and his Senate Republicans have been advocating for in the Gas Price Reduction Act which continues to be blocked by the Democratic majority who are only seeking to address oil speculation. Provisions in the Gas Price Reduction Act would help crack down on manipulators by investing resources to put more cops on the beat at the CFTC.
“Senate Democrats have said that addressing oil speculation would solve 20% of America’s energy problem. I ask – what about the other 80%? This latest enforcement action makes clear that when it comes to addressing America’s energy issues, we cannot settle for partial solutions,” Sen. Cornyn said. “Today’s action shows that our current enforcement system works but we need to make sure we have the resources necessary to police the market. This is one of many important provisions included in the Gas Price Reduction Act and which are being ignored by the Democratic Majority.”
“We ought to deal with 100 percent of the problem, which also involves recognizing the law of supply and demand. Unfortunately, every time we bring up the issue of more domestic supply – whether it’s more exploration, more nuclear energy, more clean coal technology, and the list goes on – Democrats have simply said -- no. It’s not just about speculation, it’s about increasing supply by taking advantage of resources we have here at home. For every barrel of oil that we produce right here in America, that's one less barrel we have to buy from the Middle East,” Sen. Cornyn said.
“The Gas Price Reduction Act has the concrete ideas needed to address our current energy situation. It is a balanced approach that allows for deep sea exploration, western shale areas and more innovation in alternative technologies. It’s time for Senate Democrats to stop saying ‘no,’ and for them to do what’s right by addressing rising energy costs in a responsible, comprehensive manner,” Sen. Cornyn concluded.
Sen. Cornyn serves on the Armed Services, Judiciary and Budget Committees. In addition, he is Vice Chairman of the Senate Select Committee on Ethics. He serves as the top Republican on the Judiciary Committee’s Immigration, Border Security and Refugees subcommittee and the Armed Services Committee’s Airland subcommittee. He served previously as Texas Attorney General, Texas Supreme Court Justice, and Bexar County District Judge.
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