Bill Pascrell: “I'm proud to rise in support of H.R. 6346, the Federal Price Gouging Prevention Act. And I want to commend the gentleman…”

“I'm proud to rise in support of H.R. 6346, the Federal Price Gouging Prevention Act. And I want to commend the gentleman from Michigan not only for this legislation but other legislation he's put forward debunking the theory that this is simply a supply-and-demand problem. It is not. It is not. The New York Mercantile Exchange laid it out very clearly. The speculators have increased their share of oil futures, oil future contracts to 71 percent this year from 37 percent in 2000. At the same time, the contracts held by traditional oil users have fallen to less than 30 percent from more than 60 percent. So while this piece of legislation talks about gouging at the pump, there is gouging going on Wall Street; and if you don't want to recognize it, that's your problem. The American people want answers. In these tough economic times, price gouging is a very real problem for Americans struggling to get to work. How about that for openers. As prices climb, so does the potential for consumers to be gouged at the pump. Now, it's $4.07 a gallon; when the President took office in January of 2001, $1.36. That's a 270 percent increase. The food becomes more expensive, millions of Americans lose their jobs. It is shameful that unscrupulous vendors try to make a quick buck by artificially inflating the price. Just last week, officials in my home State of New Jersey issued 350 citations for price gouging-related offenses after surveying 1,000 gas stations. 350 citations.…”