Andrews Gains Congressional Support to Rein In Oil Industry Profits

ANDREWS GAINS CONGRESSIONAL SUPPORT TO REIN IN OIL INDUSTRY PROFITS
Says New Oversight Will Help Consumers;
Calls Lautenberg Refusal to Reveal His Oil Interests an Insult to New Jersey Voters

CHERRY HILL -- Democratic U.S. Senate candidate Rob Andrews said action by the U.S. House today to rein in the exorbitant profits of oil and natural gas companies highlights the arrogance and hypocrisy of Sen. Frank Lautenberg's steadfast refusal to come clean about his personal financial interests in those industries.

"We are passing a law to attack greedy oil traders, while Frank Lautenberg is hiding the profits he is making from them," Andrews said. "We need representatives in Washington who are going to vote their conscience, not their pocketbook. Sen. Lautenberg appears to be more interested in the oil money in his bank account than on the skyrocketing prices of gas and other commodities. New Jersey residents deserve better from their United States Senator."

The legislation passed today adopted a provision sponsored by Congressman Andrews to close the so-called "Enron Loophole" by requiring the federal government to oversee currently unregulated energy trading. Speculation and price manipulation in these markets is contributing to sky-high oil and gas prices. Andrews' legislation would shine the light on these practices, potentially putting the brakes on the soaring energy costs now creating great hardships on consumers."

"The Enron fiasco taught us that dishonest traders can inflict terrible hardships on ordinary consumers when no one is watching," Andrews said. He noted that oil and gas trading has moved more and more to unregulated markets, where unfair speculation is driving up oil prices by as much as $50 to $60-a-barrel. Andrews' legislation would give the government the authority to monitor this trading to prevent artificially high prices for consumers.

Andrews said that attacking the greed and deception of the oil and energy industries must be a priority in Washington and demands the election of those committed to doing that job. He questioned whether Lautenberg shares that commitment in light of his significant personal stake in those industries.

According to public documents, Lautenberg and his wife own up to $1.1 million in oil and natural gas interests. The precise extent of their holdings exact is unknown, however, because Lautenberg has refused to release his income tax returns despite repeated requests that he do so. Congressman Andrews made public his tax returns for the last several years at the start of this campaign.

"The question no longer is 'what is Sen. Lautenberg hiding,'" Andrews said. "It seems obvious by now that he does not want the public to know the nature and extent of his personal financial interests in the very industries that are punishing Americans every day through their unconscionable, relentless price increases."

Andrews said that Lautenberg was trying to have it both ways by criticizing the staggering price increases that oil companies are imposing on consumers while at the same time personally reaping some of the profits. "Whose side is he on, the people who can barely afford a tank of gas or the oil companies responsible for the hardship? The voters deserve an answer."

Andrews cited a recent report in the Star-Ledger of Newark that revealed Lautenberg's lack of knowledge of an elementary concept of oil pricing.

The column read:
"In discussing current levels of oil consumption, Lautenberg said, 'Our country burns 21 million gallons of oil every day. Two-thirds of that oil is imported from unstable regions of the world, run by governments who are not our friends.' Anyone who understands the politics of oil at even the most basic level could not have let those words cross his lips. Oil is traded in barrels, not gallons. And each barrel contains 42 gallons. If you don't understand such basic terms about energy policy, you should be neither speaking on it nor voting on it."

According to Lautenberg's 2006 Senate disclosure form:

• Lautenberg's spouse owns as much as $1 million in stock in Copano Energy, a natural gas and energy company.
• Lautenberg personally owns as much as $2,000 in BTA Oil Producers.
• Lautenberg's spouse owns as much as $50,000 in Anadarko Petroleum Corporation.
• Lautenberg's spouse owns as much as $50,000 in Marathon Oil Company.
• Lautenberg's spouse owns as much as $15,000 in Pacific Energy Partners