As gas prices continue to rise, many Americans are left wondering if it will ever stop. Jean talks with Congressman Bart Stupak of Michigan about his work on the PUMP Act (Prevent Unfair Manipulation of Prices) and why gas prices are so expensive.
Congressman Stupak introduced the PUMP Act in 2006, in an effort to increase the oversight of energy trading and stop price gouging in the energy field. If passed, the PUMP Act would considerably lower the price of a barrel of oil. "We could lower the price of a barrel of oil in this country by at least 20 to 30 percent per barrel," he says. "Your home heating cost would greatly go down, and it would lower the prices at the pump."
Congressman Stupak says recent increases in gas prices are due to speculators in the market who are looking to make a profit. "Estimates are as high as 99 percent of people in the market right now are not people who are interested in delivering oil to the country or providing home heating or gasoline," he says. "It's speculators who are in there looking for a profit. This speculation leads to excessive pricing."
Published on January 01, 2008