WASHINGTON – U.S. Senator John Barrasso , R-Wyo., grilled market regulators and analysts over the spike in oil prices being driven up, in part, by traders in New York and world markets.

“A message I hear every weekend at home in Wyoming is clear and simple,” Barrasso said. “Record prices at the pump are placing an undue burden squarely on the backs of every American.”

“In Wyoming , high gas prices hit folks particularly hard. Because of our wide open spaces, we have to drive longer distances than folks in most states.”

Barrasso’s comments came during a Senate Energy and Natural Resources Committee hearing to examine the influence of speculation and institutional investors on the price of oil. 

“Oil rich nations should not be bidding up the price of future oil contracts at the expense of American consumers. We need to examine ways to prevent excessive speculation and market manipulation.”

Barrasso called on Congress to consider both short and long-term proposals to curb high oil prices.  He noted that changing the way the federal government buys oil for the Strategic Petroleum Reserve warrants revision.  He urged that a comprehensive solution must incorporate a vision for the future and expanded domestic production.

“We must find ways to be more energy independent,” Barrasso added. “We need all of our nation’s traditional energy sources, and Wyoming ’s coal is an important part of that.”

Witnesses included a government regulator from the Commodity Futures Trading Commission, three private economists, and representatives of the petroleum marketers association.