House Energy and Commerce Committee Chairman W.J. “Billy” Tauzin (R-LA) last week called on the Department of Energy (DOE) to conduct an expedited review of ways to raise the level of “transparency and validity” of published natural gas prices and market data, including available supply, demand, pipeline and production information, in order to restore confidence in domestic markets.
“As a result of concerns over manipulative practices in our nation’s energy markets, we believe it is important that the market participants have objective, timely and relevant data upon which to make buying and selling decisions,” wrote Tauzin and Rep. Gene Green (D-TX) in a letter on Monday to Energy Secretary Spencer Abraham.
The energy marketplace must be provided with prices and market data that “can be trusted to be free from manipulation,” they said.
The lawmakers also asked the DOE to examine the “level of coordination” that would be required between the Federal Energy Regulatory Commission and the department’s Energy Information Administration (EIA) to make sure that accurate prices and other information are being “provided in a timely manner to the marketplace.”
Lastly, Tauzin and Green recommended the DOE undertake “any other relevant inquiry” that it considers necessary to achieve “efficient and transparent energy markets.” An EIA spokesman said the agency was aware of the lawmakers’ request, but he noted it had not been instructed by Abraham to carry out the review yet.
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