Vermont fuel dealers want to meet with Sec. Paulson over credit crisis

Print More

(Host) Fuel dealers from across New England say consumers could face higher heating prices this winter because of the credit crisis.

The fuel dealers have requested a meeting with U-S Treasury Secretary Henry Paulsen to resolve the issue.

Matt Cota of the Vermont Fuel Dealers Association says dealers need to be able to do business as cold weather arrives.

(Cota) “No one here is asking for a bailout or a handout. We’re asking for the Emergency Economic Stabilization Act to do what’s intended, to allow us to borrow money, to have access to capital.”

(Host) Many consumers bought their heating fuel in advance this summer, when prices were high.

But prices have dropped and fuel dealers are trying to help customers get out of those contracts.

Cota says retail suppliers have to pay wholesalers to replace those high-priced contracts. But he says the retailers need to borrow money to do that. And he says Treasury needs to free up credit markets.

Comments are closed.