House OKs ‘outrageous gas prices’ bill
The U.S. House of Representatives Wednesday passed legislation authorizing the Federal Trade Commission to investigate and punish gasoline price gouging, and a poll found nearly 80% of the public believe prices are being manipulated. 5% didn’t know.
According to a recent poll on Daily Fuel Economy Tip, nearly 80% of people believe that oil and gasoline companies have manipulated the supply of gas in order to cause prices to shoot through the roof.
When asked, “Do you believe oil and gasoline companies have manipulated the supply of gas to cause prices to increase?” 79% of respondents stated yes; 16% stated no; and 5% stated that they were unsure.
It’s pretty easy to see how so many people could believe that gasoline prices have been manipulated:
1. The price of oil has remained relatively constant since the beginning of the year while gas prices are up over 40% - and it seems we set a new record high with each passing day.
2. Sporadic problems at refineries throughout the country that have caused major supply issues, not to mention there haven’t been any new refineries built (which would increase capacity/supply) in many years.
3. These huge multi-national corporations continue to rake in record billion dollar profits in the face of rising energy costs.
The bill’s sponsor, Rep. Bart Stupak, D-Mich., said the legislation would help stop “the truly outrageous prices we are seeing at the gas pump,” The Detroit News reported.
“Today, every member has a choice,” said Stupak. “Side with big oil or side with the consumers who are being ripped off at the gas pump.”
House Republicans said the legislation would result in price controls and long lines at gas pumps, the newspaper said. They argued instead for more drilling and construction of more refineries.
The White House said President George W. Bush would likely veto Stupak’s bill if it reached his desk.
Governors of 22 U.S. states — 15 Democrats and seven Republicans — asked Congress to investigate whether oil companies are intentionally raising gas prices to record highs by shutting down refineries, Stateline.org reported Wednesday.
“We are angry,” said Connecticut Republican Gov. M. Jodi Rell. “We want answers as to why prices at the pump continue to escalate in the absence of new seasonal, weather or world events.”
“Myself and 21 other governors have asked the Congress to investigate these oil companies and why it is, when they’re making record profits — I mean, Exxon alone made over $9 billion in the first quarter of this year, yet they’re charging record prices? It doesn’t make sense for the people of our state and our country,” Florida Gov. Charlie Crist, also a Republican, told CBS News.
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