Thank you for contacting me to express your concerns about price controls in energy markets. I appreciate hearing from you, and I welcome the opportunity to respond.
I understand that you disagree with legislation regarding price controls on gasoline. However, last year was the most profitable year ever for American oil companies, and ExxonMobil had the single most profitable year of any company in our nation's history. In 2006, the five largest oil companies posted a combined profit of $119.6 billion.
I believe Congress should protect consumers from any market distortions that may cause unusually high prices and excessive energy company profits. That is why Senator Olympia Snowe (R-ME) and I introduced the "Oil and Gas Traders Oversight Act of 2007" (S. 577) that would increase transparency and accountability in the energy markets. This would ensure that the Federal government can determine if speculation, manipulation, or hoarding is occurring in the oil, gas and electricity markets.
I am also an original cosponsor of the "Petroleum Consumer Price Gouging Protection Act" (S. 1263). This anti-price gouging legislation would empower federal regulators to ensure greater market transparency and go after companies that manipulate oil and gas prices. It would also outlaw gas price gouging, and give the president the authority to declare national energy emergencies during which proven price gougers would be subject to new fines and criminal penalties.
I understand that we may disagree on this issue, but I hope you will continue to contact me on issues that are important to you. If you have any further questions or comments, please feel free to call my Washington, D.C. staff at (202) 224-3841. Best regards.
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I contend that if Congress wants to protect us from price gouging, they should:
- 1) remove the $0.45 to $0.75 of tax on every gallon of gas they charge us at the pump. Since they do NOTHING and spend NOTHING to produce the gas, aren't these politicians price gounging???
- 2) get rid of the multiple gasoline blends being forced upon the oil companies to produce for all the different states which drives up costs of processing which is then passed on to us.
- 3) Build new refineries immediately - get rid of the red tape and once the supply side was opened up, the price would go down.
- 4) Open up drilling so we can cut our dependence on foreign oil - OPEC is driving the price up with their cartel.
I am calling tomorrow and voice this opinion. I suggest you do too before they screw up the economy with this bill and we end up with Jimmy Carter's long gas lines, rationing and a new misery index!
Mick O.