SAINT PAUL [07/03/08] – U.S. Senate candidate Al Franken today called on Norm Coleman to reverse his position and vote to stop Wall Street speculators and Big Oil manipulators from driving up the price of gas.

Al Franken said:

“Norm Coleman is so desperate to avoid answering the questions swirling about his sweetheart apartment deal that he’s launching more false attacks against me. Norm Coleman is trying to fool Minnesotans once again, pretending that he has a plan to bring down gas prices. But his ‘plan’ won’t impact the price of gas one cent for at least 22 years. The way to bring down gas prices today is to stop the speculators and investigate price gouging. Norm had an opportunity to really do something about gas prices and instead voted twice to stand with Big Oil and Wall Street speculators. But with middle-class families hurting, they need him to stop shilling for the special interests and start working for them. Once again, what Norm says in Minnesota about his record is different than what he has done in Washington.”

Bush Administration: Expanded Access To Offshore Drilling Sites Would Not Impact Gas Prices Before 2030. According to the Energy Information Administration, “The projections in the OCS access case indicate that access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030. Leasing would begin no sooner than 2012, and production would not be expected to start before 2017.” [Energy Information Administration, "Impacts of Increased Access to Oil and Natural Gas Resources in the Lower 48 Federal Outer Continental Shelf"]

Coleman Voted Against Closing The “Enron Loophole,” Improving Energy Transparency. In November 2003, Coleman voted against an amendment to close a 2000-enacted provision commonly called the “Enron Loophole.” According to the Associated Press, the loophole “allowed the energy trader to buy and sell energy holdings largely in secret without government regulation.” The amendment “would have improved price transparency in wholesale electricity markets, prohibited manipulation in electricity markets and provided the Commodity Futures Trading Commission more tools to monitor over-the-counter energy markets. Maximum fines for violating either the Federal Power Act or the Natural Gas Act would have risen from $5,000 to $1 million.” [Vote 436, 11/5/03; Environment and Energy Daily, 11/06/03; Associated Press, 11/05/03]

Coleman Voted Against Amendment That Would Make Manipulating Electric Energy Market Illegal. In November 2003, Coleman voted against an amendment the Associated Press said would “make clear in the Federal Power Act that manipulation is illegal in the electricity energy market.” [HR 2673, Vote 439, 11/5/03; Associated Press, 11/05/03]

This entry was posted on Thursday, July 3rd, 2008 at 11:04 and is filed under Press Releases. You can follow any responses to this entry through the RSS 2.0 feed.