On the recordMay 9, 2006
I rise today because we must find ways to effectively address the rising gas prices the citizens of the Nation are paying at the pump. Last week the House passed new legislation to address price gouging at the pump and set Federal penalties for price manipulation. The major oil companies say there are many factors in gas pricing, including basic economics of supply and demand, the switch to ethanol from MTBE as a clean fuel additive, and lack of refining capacity, among others, and that they have no control over the spiking gas prices. But my constituents, especially working people raising families and those on fixed incomes whose wallets are being pinched tighter and tighter, tell me they are not satisfied with those answers. Madam Speaker, it is time for the President to use the bully pulpit to get to the bottom of this issue the way that Teddy Roosevelt did. He should call to the Oval Office every chief executive of the major oil companies and let them explain to the American people why the average price for a gallon of unleaded gasoline in the United States today is nearly $3, and in some areas at least a dime over that. There is another area of the energy market that also needs attention. Recent news accounts have theorized that the commodity futures trading market could be partly responsible for the rapid jumps in gasoline prices over the past couple of months.…
Source
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