Attorney General Jack Conway (D-Louisville) announces his investigation into Louisville's gas prices on Thursday: Politicker photo
LOUISVILLE -- At a joint press conference in Louisville today - where gas costs up to 30 cents more per gallon than in the rest of the Commonwealth - U.S. Rep John Yarmuth (D-Louisville) and state Attorney General Jack Conway (D-Louisville) elaborated on their newest proposals for confronting the energy dilemma.
In front of reporters gathered in a cul-de-sac near a noisy highway on-ramp, Yarmuth said he was pressuring President Bush to permit the usage of emergency provisions he argued would decrease speculation in the oil market. Conway, on the other hand, announced an investigation into potential anti-competitive activity by gas retailers and wholesalers leading to the price disparities between Louisville and other parts of the state.
Touting a letter he sent to President Bush on Wednesday, Yarmuth said a provision enacted by Congress in 2000 - termed the "Enron loophole" - exempted energy speculators from federal regulation and allowed speculators in the oil market to drive prices up.
"We are in the mode where the fundamentals of supply and demand don't really drive the price," said Yarmuth.
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