Senator Pat Roberts

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Senator Roberts Concerned with High Energy Costs; Urges CFTC to Closely Monitor Energy Markets for Abuses

Jun 04 2008

WASHINGTON, DC – Concerned with increasingly high energy costs for Kansans, U.S. Senator Pat Roberts today called on the Commodities and Futures Trading Commission (CFTC) to exercise its authority to monitor transactions in energy markets for potential abuses and market manipulation.

"I’ve conducted many town hall meetings over the last few months and can easily report that the number one domestic issue on the minds of my constituents is energy prices. I encourage and challenge you to continue to root out manipulation and shine a light on transactions where needed," Senator Roberts said. "The new farm bill gives you a bigger and brighter flashlight to use."

Senator Roberts supports long term comprehensive energy solutions for the nation which would increase the supply of affordable, clean, domestic energy. This action is the latest in a series of his efforts, including the following, to assist Kansans in dealing with high energy prices:

  • In 2005, Senator Roberts supported the Energy Policy Act that developed incentives for ethanol production.
  • In 2007, Senator Roberts supported the Energy Independence and Security Act, which improved vehicle fuel economy and provided incentives to develop cellulosic ethanol, the next generation in ethanol production.
  • This year, Senator Roberts has cosponsored the American Energy Production Act which increases energy exploration within the U.S. and off our shores.
  • The Farm Bill, supported by Senator Roberts and recently approved by the Congress, provides tax credits to encourage cellulosic ethanol production, establishes new renewable energy programs that assist producers in installing wind turbines and other energy efficiency devices on their operations, expands USDA Rural Development grant and loan guarantee programs that benefit bio-refineries and it creates a program to assist producers in raising cellulosic feedstocks to be used in ethanol production.
  • Furthermore, the Farm Bill reauthorizes the CFTC’s authority through 2013 and brings more transparency into energy markets.

Currently, the Senate is debating the Boxer/Lieberman/Warner climate change bill. Senator Roberts opposes the bill because of his serious concerns about the bill’s negative impact on energy costs in Kansas.

According to an analysis of the bill by The National Association of Manufactures (NAM) and the American Council for Capital Formation (ACCF), if this bill were to become law, Kansas would experience: 153 percent increase in electric rates, 140 percent increase in gas prices, and 36,900 jobs lost (2.5 percent of total jobs in the state).

The bill requires the United States to reduce greenhouse gas emissions by 20 percent in 2020 and 70 percent by 2050 through a cap-and-trade program. It specifically targets coal fired power plants, natural gas processing facilities and petroleum refineries.

"I have serious reservations about a bill that will increase utility rates, increase fuel prices, increase fertilizer prices, and harm the Kansas economy and cause job losses while developing countries around the world continue to pollute. The proposed climate change bill does more harm than good."

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