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May 31, 2011

 

DiNapoli: Rising Gas Prices Could Hurt Fragile Economy

Supports Probe of Possible Energy Market Speculation


New York State Comptroller Thomas P. DiNapoli repeated his warning to New Yorkers that another gas price hike this summer will stall an “already slow” economic recovery. DiNapoli said: “There’s no question it will cause a setback.”

Speaking to Susan Arbetter on The Capitol Pressroom radio show Monday morning, DiNapoli said that government regulators should rule out improper speculation in oil commodities that could further harm the economy.  New York Sen. Charles Schumer recently called on the Federal Trade Commission to investigate the possible manipulation of gas prices.

A report released Friday by the Comptroller details the effect of price hikes on residents, government and businesses.

DiNapoli is the sole trustee of the $140 billion New York State Common Retirement Fund.  He noted that his approach to energy investing is to protect the state’s fund while also working for the greater public good. Last year, DiNapoli helped secure the resignation of Massey Energy Company Chairman Don L. Blankenship for his “callous disregard” of employee safety prior to the disaster at West Virginia’s Upper Big Branch mine which killed 29 miners. New York’s Common Retirement Fund holds about $14 million in Massey stock.



 

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