Benjamin Gilman: “the debate on this measure has revealed that there a strong sentiment in the House regarding the recent sharp rise in…”

“the debate on this measure has revealed that there a strong sentiment in the House regarding the recent sharp rise in world oil prices and the impact these increases have had on our Nation's economy. There is also a clear understanding among our Members that these increases have not been produced by any natural economic force in an open and free marketplace, but by the concerted effort of a cartel, a cartel fixing higher prices for its product by restricting supply. I am fully aware, Mr. Chairman, that a number of our Members would have preferred that this bill address a number of broader energy policy issues, such as the establishment of the heating oil reserve, the release of the oil in the strategic petroleum reserve, and a wide range of tax credits and incentives for increased domestic production. Some too prefer an even tougher approach to those petroleum exporters that have engaged in price-fixing to the detriment of our Nation's economy. While I am sympathetic to those views, I am convinced that upon the whole, this measure is balanced, forward looking, and prescribes a policy that the administration may pursue to address and alleviate this problem. This is a first and perhaps the most concrete step that the Congress will take in addressing the problem caused by the recent excessive increase in the price of oil.”