State senator asks if Florida is helping jack up gas prices

State Sen. Ted Deutch, a Boca Raton Democrat, asked on Tuesday whether or not Florida's $133 billion pension plan is having a role in escalating gas prices by investing in the commodities market.

“Having learned from the Enron debacle, Florida has an obligation to ensure that it leads the nation in avoiding risky investments that may play a role in manipulating our own oil and gas prices,” wrote Deutch in a letter to the Florida State Board of Administration, which manages the Florida Retirement System holdings.

Deutch, who sent a letter to interim SBA director Bob Milligan, called on the SBA to review its holdings and look into whether it is investing in energy companies as well as other investment funds that may be investing in commodities. He noted that Congress has already had testimony that links the run-up in oil prices to speculators. He said he was worried about the impact that increased fuel prices was having on other sectors of the state's economy, including tourism.

Deutch urged the SBA to pursue "all steps necessary to protect our citizens from inadvertently contributing to these rising prices through risky speculation in the commodities market."