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Blumenthal Wants Holder To Investigate Energy Speculators

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Gas Station (file / credit: STAN HONDA/AFP/Getty Images)

Gas pump (file / credit: STAN HONDA/AFP/Getty Images)

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HARTFORD, CT (CBSNewYork) - It was about one year ago, when gas prices were a lot lower than they are now, that U.S. Attorney General Eric Holder appointed a task force to look into possible fraud behind rising gas prices.

WCBS 880 Connecticut Bureau Chief Fran Schneidau On The Story

He was specifically looking at whether illegal maneuvering by commodity speculators might be involved.

However, Sen. Richard Blumenthal (D-Connecticut) says in these recent months of soaring gas prices, not a word has been heard from this task force.

“It’s inactivity is incomprehensible in the face of rising gasoline prices due, in substantial part, to speculation that this task force was supposed to investigate,” Blumenthal told WCBS 880 Connecticut Bureau Chief Fran Schneidau on Monday. “There are potentially illegal manipulation of market that this Department of Justice should be investigating right now, and there’s no evidence that it is.”

Other members of the Connecticut Congressional delegation have also raised concerns about commodity speculator impact on gas prices.

According to a report recently issued by Goldman Sachs, excessive market speculation adds 56 cents or more per gallon to the rising price of gas.

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