Congressman John Yarmuth says oil companies are not looking for enough oil - WDRB 41 Louisville News

Congressman John Yarmuth says oil companies are not looking for enough oil

Congressman John Yarmuth says gas prices are high because oil companies are not looking for as much oil as they could.

Yarmuth stopped by Fox in the Morning on Monday.  He also says speculation on oil futures has driven prices up.

His opponent in the Third District race, Anne Northup, has called for an increase in off-shore drilling.

Yarmuth says that's not a good idea:  "It's fascinating that the Republicans want to do the same things that the Republicans have been doing for the last eight years that have gotten us into this problem. I don't know how anybody would trust the oil companies to solve the problem that the oil companies created

Yarmuth says oil companies are not drilling in areas off-shore and in Alaska they already have access to.

And he says he would like to see controls on speculation, which he says has driven prices up as much as 50%.

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