Joe Lieberman: “I rise to speak about an extremely serious problem plaguing the citizens of my state of Connecticut and those throughout…”

“I rise to speak about an extremely serious problem plaguing the citizens of my state of Connecticut and those throughout the Northeast--the skyrocketing cost of home heating oil and the fear of higher gas prices that will follow. This complaint may sound familiar to some of my colleagues, particularly those similarly-situated in cold-weather states. Senator Dodd and I and several others have repeatedly voiced concerns about the volatility of the heating oil-gasoline marketplace over the last several years, about the sudden swings in prices we have experienced as a result of that volatility, and the threat it poses to the livelihood of our constituents and the stability of our regional economy. The situation now, though, is more dire than anything we have seen in recent years. While I do not want to be an alarmist, I think it is critical for my colleagues to understand the severity of the squeeze many families and businesses are feeling and the potential for economic havoc. We are bordering on a real crisis. The average price of a gallon of heating oil in the Northeast has jumped more than 100 percent since mid-January. Many families are really struggling to pay their bills and keep their families warm. Dealers and distributors are reporting significant shortages throughout the region, which promises to send prices spiraling even higher in the near term.”