DeLauro Proposes Action Against High Gas Prices
FOR IMMEDIATE RELEASE
Monday, September 12, 2005
DeLauro Proposes Action Against High Gas Prices
- Calls for Investigation into Price-Gouging and Tough Penalties Against Profiteers -
NEW HAVEN, Conn. - With gas prices hovering above $3.00 per gallon nationwide, Congresswoman Rosa L. DeLauro (Conn.-3) today outlined several steps she is taking to help lower the cost of gasoline for consumers. Speaking at a gas station in her Congressional district, DeLauro described a multi-prong approach to provide some relief to consumers while holding the oil companies accountable. As of Friday, the price of gas in the New Haven area was averaging $3.13 per gallon. Last week, Exxon Mobil announced that its profits have reached $110 million a day - up 60 percent from this time last year and putting them on pace for a $10 billion profit in this quarter alone.
"Consumers, families and businesses need relief - and they need it today," said DeLauro. "While consumers suffer skyrocketing prices at the pump, oil company profits are swelling by the billions. Responsible corporate citizenship during this time of national emergency is the least this thriving industry can do."
With 80 of her colleagues in the House, DeLauro wrote the president last week, urging him to gather as soon as possible the executives of the nation's major oil companies to pressure them to reduce the cost of gasoline. The letter called on the president to increase the Federal government's oversight capacity and bring all its resources to bear on excessive profit-taking in the oil industry. It is a strategy that has met with success in the past. In July 2000, then-Energy Secretary Richardson met with oil industry executives, and within a month the price decreased 14 cents.
DeLauro also announced that she will be introducing legislation this week that will put new pressure on the oil companies. The legislation would create stiff criminal penalties for oil industry executives whose companies are found to be inflating their profits on the backs of consumers. This bill comes in addition to legislation she is working on to discourage excessive oil and war-related profiteering with Congressman John Larson.
"At a time when energy prices and gasoline prices are stretching family budgets to their limit, we must do more than offer a slap on the wrist," said DeLauro. "This is a complex market and bringing down gas prices and providing consumers, families and businesses with meaningful and immediate relief will be difficult. But it is not a complex question - these companies either are or are not taking advantage of the American people."
Third District residents who suspect profiteering or price gouging, can contact DeLauro's office or the Federal Trade Commission online at www.ftc.gov.
http://www.house.gov/delauro/press/2005/September/gas_prices_action_09_12_05.html