Stupak’s retirement to leave void on energy market oversight

Rep. Bart Stupak’s (D-Mich.) decision to retire means the House will lose its most outspoken advocate of expanding regulation of electricity, natural gas and oil trading markets.

Stupak has long pushed to give the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission a stronger hand to clamp down on market abuses and limit speculative energy trading by Wall Street banks and hedge funds.

“Bart Stupak was the point man in the House for restoring regulatory order to these out-of-control markets,” said Tyson Slocum, director of Public Citizen’s energy program. “His leadership is going to be sorely missed.”

Stupak used his perch as chairman of the Subcommittee on Oversight and Investigations to probe what he has long maintained is upward pressure on oil prices resulting from market speculation.

Stupak also believes regulators need more power to clamp down on manipulation of various energy markets.

Last year, he won provisions in the climate change and energy bill the House approved that expand market regulation, including a measure to provide FERC so-called cease-and-desist power to quickly halt abuses in energy and carbon markets.