By Mark Scott
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-974075.mp3
Buffalo, NY – After topping out at well over $4 a gallon, gasoline prices in Western New York are dropping. But the lower prices are not stopping Congresswoman Kathy Hochul from pushing legislation that could keep prices from spiking again in the future.
Less than a month after taking office, Representative Hochul was fighting majority Republicans in the House last week on a bill that would slash funding for the Commodity Future Trading Commission. Hochul contends speculators were the cause of the recent spike in gasoline prices, and they have to be curbed.
"I had a bill that would have insured that there be sufficient regulators at the Community Future Trading Commission. Instead, Republicans cut it," Hochul said. "At a time when you need the sheriff to be strong in the "Wild West" of speculators, they drove them out of town. I have a real problem with that."
Hochul pointed to two traders and three firms which were recently cited by the commission for trying to hoard crude oil to make a quick $50 million.
Hochul also says she would be interested in sponsoring a bill that would target gasoline price gouging nationwide.
Republican sponsors of the cut in the commodity commission's funding counter that the "big government" circle in Washington "loves more regulation and more government growth."