Gov. Jon Huntsman has formally requested federal investigations into market prices for natural gas.
In letters sent last week, the Utah governor called on the United States Senate and several federal regulatory agencies initiate investigations into whether market manipulation of gas prices is occurring.
The agencies included:
The U.S. Federal Energy Regulatory Commission.
The U.S. Commodities Futures Trading Commission.
The wholesale price of natural gas has more than doubled during the past year, according to the Utah governor's office. And consumers residing in Utah and locations across the nation are suffering the financial effects associated with shouldering the additional costs.
Utah's businesses and citizens alike are facing the drastic financial impacts of the increases.
The state's sustained economic growth is at stake.
"The U.S. Energy Information Administration indicates that there are adequate gas supplies for this winter, despite hurricanes and cold weather in some parts of the nation; yet prices continue to rise," pointed out Huntsman.
"I am concerned that manipulation could be occurring. I am asking our federal regulators, who are tasked with monitoring the markets, to ensure that they are working properly and in the best interests of consumers of natural gas," concluded the Utah governor.