John Larson - Connecticut's First District Congressman

Congressman John Larson
Endorses
Barack Obama

Congressman John B. Larson CT-01, Vice Chair of the Democratic Caucus will announce his endorsement of Senator Barack Obama for President in a rally this Saturday, 11:00 AM. Old State House, Hartford.

Congressman Larson said:
“Senator Barack Obama has written a book called The Audacity of Hope. His election this fall is about the audacity of change – the audacity to believe that together we can heal this divided country and improve our standing around the world.

I believe Senator Barack Obama is the embodiment of the kind of change the American people are looking for. I have nothing but respect for Senator Clinton and President Clinton. But, Obama is transcendent. His election to the presidency can inspire our nation and immediately send a message of real change to people around the globe.

Larson Ponders Curbs To Oil Market Speculation

By MARK PETERS

U.S. Rep. John Larson wants to rewrite the rules of how oil is bought and sold, blaming investor speculation for record prices that have raised the cost of home heating oil.

Flanked by heating oil dealers from around Connecticut, Larson, D- East Hartford, said in Hartford Monday that he is trying to build support in Congress for legislation aimed at preventing investors from speculating on the price of crude oil. He is calling for increased regulation and rules that would allow only firms interested in owning oil - rather than speculating on its price - to participate in the oil futures market.

The proposal by Larson comes as the Northeast reaches the end of a winter where consumers paid record prices for heating oil. Dealers said their customers are paying $1,000 to fill up a typical tank, up from $250 just a couple years ago.

Larson and the dealers said record prices for oil on the New York Mercantile Exchange aren't being driven by the supply and demand for gasoline, home heating oil and other products refined from crude. Instead hedge funds, investment banks and other funds are getting more involved in energy markets, buying future contracts to speculate prices will increase. That's left the demand for future contacts- not oil - driving prices to record levels, they said.

"Supply and demand no longer matter on Wall Street," said Shane Sweet, executive director of the New England Fuel Institute. "It's time to protect energy commodities from Wall Street so that market fundamentals can once again drive energy prices."

Larson said his proposal is being made at the right time, as momentum builds in Washington to increase regulations following the near collapse of the investment bank Bear Stearns. The congressman said he is likely to face opposition from the financial service industry and could face challenges in trying to regulate a commodity that's traded globally.