Congressman Travis Childers Supports Investigation on Oil Speculation,
High Gas Prices

Congressman Childers Helps Initiate Agriculture Committee Hearing on
Legislative Solutions for Inflated Fuel Costs

Washington, DC – Congressman Travis Childers (D-MS) continued to make
good on his campaign promise to fight high gas prices this week by
calling for the Agriculture Committee to hold an investigation on oil
speculation. The Congressman, who serves on the Committee, will
participate in three hearings this week to examine gas price
manipulation.

The purpose of the hearings is to explore various solutions to inflated
prices of oil and other commodities. Today’s hearing will provide a
general overview of current legislation to address issues surrounding
commodities markets.

Congressman Childers has previously voted on legislation to prevent fuel
price gouging in areas experiencing energy emergencies, provide civil
and criminal penalties for retailers that participate in such
activities, and direct the Commodity Futures Trading Commission (CFTC)
to eliminate excessive oil speculation and price distortion.

The Congressman delivered the following opening statement at today’s
hearing:

I am here today to better understand the cause of the
exorbitant energy costs that Americans are now facing. I want to thank
Chairman Peterson and the other members of this committee for holding
this essential hearing.

When I was elected, the price of gasoline was $3.61 per
gallon. Barely, a month later the price of gasoline per gallon has
jumped to over $4.00. Recently, I met with sweet potato farmers from my
district who are facing increased production costs as the prices of
diesel fuel, fertilizer, and gasoline all rise.

These price spikes have placed a tremendous economic
pressure on an industry that is vital to my district and is threatening
the livelihood of many of the Mississippi working families I represent.

We need a multi-pronged strategy to find our way out of
this energy crisis. We need to reduce our dependence on foreign oil and
we must invest in homegrown, alternative energy sources. Finally, we
must investigate our energy commodities markets and ensure there is a
level playing field when it comes to oil trading.

I look forward to hearing the testimony of my
distinguished colleagues and I believe the testimony over the next two
days will help us to separate the facts from the rhetoric in regards to
energy prices within the Commodities markets.

It is my hope that this hearing will provide us with the
information we need to provide bipartisan solutions to help stabilize
the price of oil as quickly as possible.

Rep. Travis Childers
7/9/8