Two of Iowa’s Democratic congressmen are calling for an investigation to see if speculators are improperly driving up the price of gasoline. Bruce Braley of Waterloo says there’s little doubt, in his mind, that Wall Street is compounding consumer pain at the pump.
“I have more than a feeling, I have absolute certainty that market manipulation on Wall Street on speculative oil spot pricing is having a direct impact on the wildly fluctuating price of gas at the pump,” Braley said.
Congressman Leonard Boswell of Des Moines says he’s leading an investigation into the matter as part of the House Agriculture Committee. Braley says he troubled that some Republicans in congress have proposed rolling back some Wall Street oversight measures.
“I think every American consumer should be concerned about that,” Braley said. “We should be looking at ways we can hold Wall Street accountable for its impact on prices at that pump, rather than giving them more flexibility to continue to manipulate the market place.”
On Wednesday, Braley sent a letter to House Speaker John Boehner, calling on him allow debate on a bill to repeal tax subsidies for big oil companies. Boehner, a Republican from Ohio, recently stated that Congress should “take a look at” repealing the tax subsidies.
Braley says Boehner’s comment shows there’s “bipartisan support” for the bill. Triple-A reports the current average price for a gallon of regular unleaded fuel has climbed to $3.96 nationally and $3.93 in Iowa.