Monday, July 6, 2009

Bangor Daily: Collins 'gets it' taking on Street oil speculators

Oil prices shot past $72 a barrel this week, and a growing number of experts point to Wall Street speculators as a key reason why Americans are suddenly paying a lot more for oil and gasoline.

Although soaring oil prices threaten the fragile economic recovery, most Capitol Hill lawmakers have remained silent about them, but not Sen. Susan Collins. The Maine Republican pumps her own gas and heats her Bangor home with oil, and on trips home, she gets an earful from angry consumers, who, like her, blame speculators.

"Constituents get it," she said. "They don't see the reason for it. They don't see (supply) shortages. They don't see (the Organization of Petroleum Exporting Countries) greatly reducing production or other reasons prices are going up so much."

Collins has been one of the few on Capitol Hill and even fewer Republicans who blame the rising oil prices in part on Wall Street investors. She and her allies, mostly Democrats, are trying to limit speculative investments in oil and other commodities, but they say they need more support from President Barack Obama.


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