November 5, 2007 (LPAC)--Many low-income people in the Northeastern United States could be left without heat this winter, as international oil prices are heading toward the $100-a-barrel level.

Last winter, 1.5 million families in the region got assistance in paying their heating bills. The number is expected to surge this year, says the Wall Street Journal, and both state and federal lawmakers are scrambling to come up with emergency funds.

The Journal also reports that hundreds of smaller fuel dealers could go bankrupt because their customers have fixed-price contracts, while the dealers' prices are skyrocketing.

Massachusetts Secretary of State William Galvin blasted Washington regulators for not taking swift action to deter hedge funds and speculators from helping to drive crude-oil prices to record levels. "This is going to hurt our economy in New England," said Galvin, noting that home heating-oil prices are already at record highs for this time of year in Massachusetts. Galvin dashed off letters to the SEC and other regulators but has gotten no response to his concerns about the role of speculators in driving oil prices toward $100 a barrel, according to the Boston Globe.

Galvin has compared the current energy market to the subprime-mortgage market before its recent collapse.