EUGENE, Ore. — We’re all irritated with the prices, but Oregon Congressman Peter DeFazio is using his frustration to spearhead an investigation of sorts into why prices are as high as they are.
DeFazio began looking into the spike just before Memorial Day, reaching out to the president and a task force to figure out why Americans–and West Coast residents in particular–are paying so much for fuel.
He feels speculation on Wall Street has a lot to do with it.
“Get them out of the market. We don’t need them. We don’t need people endlessly speculating with super computers second by second, a hundred times a second, to drive up the price of gas for all of us,” DeFazio said.
DeFazio says he talked to Exxon Mobil heads and other think tanks who say speculation causes gas prices to be 60 to 70 cents higher than they should be.
DeFazio hasn’t received any straight answers yet, but he says getting the conversation going is a start.