| For immediate release May 23, 2007 |
Contact: Badar Tareen
202-225-3611 |
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Kildee: House Approves Two Bills to Crack Down on High Gas Prices
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Washington – As residents of Michigan prepare for the summer driving season, Congressman Dale E. Kildee (D-MI) announced today that the House of Representatives passed two bills that would give the federal government new tools to fight record high gas prices.
“It is an outrage to see such high gas prices hurt Michigan families who are struggling to make ends meet. I see no reason for oil companies to charge such high gas prices while making historic profits.” Congressman Kildee. “I was proud to join my colleagues this week to help crack down on price gouging and fight against those who attempt to fix the price of oil and stick the American people with the bill.”
Today, the House passed the Federal Price Gouging Prevention Act. The bill would give the Federal Trade Commission the authority to investigate and punish companies that artificially inflate the price of gas. It sets criminal penalties for price gouging, and permits states to bring lawsuits against wholesalers or retailers who engage in such practices. Congressman Kildee is an original cosponsor of the bill.
Also, with Congressman Kildee's support, the House yesterday approved the No Oil Producing and
Exporting Cartels Act of 2007. This legislation would authorize the Department of Justice to take legal action against Organization of the Petroleum Exporting Countries (OPEC) that participate in conspiracies to limit the supply, or fix the price, of oil. Nations or organizations that limit oil supply can artificially inflate the cost of gas and hurt American consumers.
While a bipartisan majority in Congress supports these bills, President Bush has threatened to veto both pieces of legislation.
Currently, American families are paying an all-time record high of $3.22 a gallon on average for regular gasoline – up 89 cents from the beginning of the year. Last year, families paid $1,000 more on average for gasoline than in 2001. In the state of Michigan, the price of regular gasoline was about $1.42 per gallon in 2001. This year that price is about $3.47.
The high cost for families come as oil companies continue to prosper. The six largest oil companies announced $30 billion in profits for the first quarter of 2007. This is on top of the $125 billion in record profits they made in 2006.
In addition to the two bills passed this week, Congressman Kildee supported the CLEAN Energy Act of 2007 this year. The bill would roll back $14 billion dollars in taxpayer subsidies for Big Oil companies and reinvest the money in clean, alternative fuels, renewable energy and energy efficiency.
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