Talk Radio News Service: News, Politics, Media

By Courtney Ann Jackson-Talk Radio News Service

Energy independence is a must according to United States Representative Bart Stupak (D-Mich.) at his news conference Friday. Stupak introduced revised legislation of the Prevent Unfair Manipulation of Prices (PUMP) Act that will address excessive energy market speculation and regulation of any future carbon derivatives markets.

“We need the 2009 PUMP Act for two reasons. Number one, we’ve seen a dramatic increase in the price of oil and natural gas since the beginning of the year. Secondly, the carbon derivative trading market that’s being proposed...is creating a whole new market,” said Stupak.

The update and revised PUMP Act addresses more current carbon issues and gives the Commodity Futures Trading Commission (CFTC) the authority to regulate carbon derivates as an energy commodity. It will also aid in closing the swaps, involving energy transactions loophole, which will eliminate energy transactions to be excluded from the requirements of the Commodity Exchange Act.

Next week, the House Energy and Commerce Committee will consider the American Clean Energy and Security Act. The Act will create “an entirely new carbon derivatives market which speculators can manipulate,” according to Congressman Stupak’s office.

Stupak said the carbon derivatives market needs to be “based on a strong regulatory framework.” He also noted that despite the fact that energy costs are down significantly from this time last year, America can not become complacent.”

“I am tired of waiting. We should get it done. I don’t want to create a market and then try to fix the market once it’s functioning. Let’s fix it. Let’s get it frame worked before the market begins,” he said.