PORTSMOUTH — With the gas pumps of Tony's LukOil behind her, U.S. Senate candidate Jeanne Shaheen called Thursday for steps to be taken immediately to bring fuel prices down.
Shaheen said New Hampshire and American families are facing "incredible challenges" because of high fuel costs that affect everything from how they drive to what they buy in the grocery store.
She cited gas prices of more than $3.50 a gallon and diesel costs of $4.29 a gallon, driven by oil at more than $120 a barrel "with projections for it to go higher."
Meanwhile, she said, oil companies like Exxon are raking in record profits, something that doesn't sit well with the former governor.
"We must crack down on the reckless market manipulation by oil companies, refiners, billion-dollar hedge funds and oil-producing countries that is artificially driving up gas prices for middle-class families," said Shaheen, the Democrat challenging Sen. John Sununu, R-N.H.
She is urging the formation of an oil and gas market fraud task force to investigate allegations of oil and gas market manipulation and fraud.
With this economic news as a backdrop, Shaheen outlined four measures to ensure things don't get even worse.
First, she called for closing the "Enron loophole," which exempts electronic energy markets for large traders from government oversight. This loophole has resulted in excessive speculation and energy price manipulations, she said.
She also urged oil refineries to begin refining at full capacity.
Currently, she said, they are running at about 85 percent capacity and have been for most of this year. She also wants the president to release 30 million barrels of oil from the strategic petroleum reserve.
Finally, OPEC should be pressured to increase production, Shaheen said.
Long term, she said, the country needs to turn to alternative energy sources to reduce dependency on foreign oil.
She said subsidies for corn production are creating their own problems, but looks to companies like Mascoma Corp. in Lebanon, which is working on converting forest products into biofuel.
"That would be good for America and it would be a huge boost for New Hampshire," she said.
