Thu March 31, 2011

Udall Wants Investigation of Global Oil Price Manipulation

At $106.72 a barrel the price of oil hit a 30-month high on Thursday amid new concerns in Libya. As that translates into higher gasoline prices, Colorado Democratic Senator Mark Udall wants the Obama Administration to investigate the possibility of global manipulation of oil prices.  He says it’s no secret that it happens when OPEC nations collude on production.

“So we can take a hard look at any actions that oil exporters may be taking to restrict production and manipulate international markets. And that’s especially true given the ongoing turmoil going on in North Africa and the Middle East,” Udall told reporters on a conference call.

Oil prices have jumped $20.00 since the uprising against Moammar Gadahfi began in February, while gas prices in Colorado have risen by 45 cents in the last two months. Senator Udall says he’ll send letters to both U.S. Trade Representative Ron Kirk and Secretary of State Hillary Clinton to see if over speculation in the oil market is driving up prices.