Bart Stupak: “crude oil prices have exceeded previous records set after Hurricane Katrina, reaching over $75 a barrel. This summer…”

“crude oil prices have exceeded previous records set after Hurricane Katrina, reaching over $75 a barrel. This summer, Americans are expected to pay significantly more at the pump than last summer. In the meantime, oil companies continue to rake in record profits. During five town hall meetings I held in Michigan in the past 2 weeks, the price of gasoline was the most troubling for my constituents. There are currently no Federal laws against price gouging. The only way the Federal Trade Commission can even attempt to prosecute unfair pricing is through antitrust and antimonopoly laws. To date, the FTC has never brought a gas price gouging case to court. Recently, President Bush ordered an investigation into gas prices. However, because the Federal Government does not have a clear definition of what price gouging is, the FTC can do little more than study the issues. But we have had enough studies. Last September, I introduced a bill to increase the Federal Government's ability to prosecute price gougers. My bill, the Federal Response to Energy Emergencies Act, FREE Act, will provide the FTC and the Department of Justice with the authority to investigate and to prosecute those who engage in predatory pricing, from oil companies down to distributors, with an emphasis on those who profit most. The FREE Act will also allow State attorneys general to investigate unfair pricing practices. This includes the gouging of gasoline, home heating oil, and natural gas.…”