Coalition calls for shutdown of NYMEX

CROMWELL, Conn., March 6 (UPI) -- A coalition of New England heating oil distributors is suggesting it might be time to close down the commodities exchange where petroleum prices are set.

Led by the New England Fuel Institute, the coalition contends that speculators trading on the New York Mercantile Exchange are behind ballooning of crude oil prices, which have translated to higher prices for heating oil and gasoline.

"Energy prices are completely disconnected from market fundamentals like supply and demand," Shane Sweet, executive vice president of the New England Fuel Institute, said in a release. "The energy market is now completely controlled by speculators and profiteers who have driven prices to artificial highs."

The coalition said in a written statement this week that Congress should hold hearings on the impact speculators are having on oil prices in the United States and suspend trading on NYMEX if necessary.

NYMEX is one of the three locations where world crude oil futures are bought and sold. The other two are in London and Singapore.