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Feingold wants to use farm bill to hold back gas prices

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Feingold wants to use farm bill to hold back gas prices
New Richmond Wisconsin 127 South Knowles Avenue 54017

U.S. Russ Feingold, D-Wis., hopes to use the new federal farm bill to strike a blow against rising gas prices.

The Senate Democrat included a provision that ends the so-called Enron Loophole which lets oil and gas traders make electronic energy trades without government oversight.

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According to Feingold, it has resulted in a manipulation of energy markets. In his words, "We cannot allow energy traders to secretly bid up the price of oil, and saddle Americans with the price at the gas pump."

The new rule would require large trades, prices and daily trade volumes to be reported to Washington.

Many blame investment speculators for the continued high gas prices, bucking the laws of supply and demand.

Crude oil hit a record-high $122 a barrel Tuesday. And the New York investment bank Goldman Sachs predicted price hikes of up to 60 percent by the end of 2010.

The Wisconsin Triple A said the average statewide price of unleaded regular was $3.65 a gallon this morning, up 1.2 cents from Tuesday.

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