On the recordMarch 1, 2012
As Rhode Islanders and men and women across America are hard at work trying to put our country back on the right track, the threat of rising gas prices raises a specter of another difficult driving season ahead. While our government subsidizes Big Oil to the tune of $3 billion each year, they continue to run up record profits as hardworking families pay higher and higher prices for gas. In my home State of Rhode Island where families are struggling with an 11 percent unemployment rate and the average price of a gallon of regular gas is now $3.79, rising fuel costs put far too many hardworking families at risk. The Federal Price Gouging Prevention Act, which my colleague Mr. Bishop has introduced, would help guarantee that should we face an energy emergency, middle class families are not at the mercy of Wall Street speculators every time they fill up their car. While we have to work together permanently to end our addiction to foreign sources of oil, in the short term we must act on legislation like the Federal Price Gouging Prevention Act that will help prevent Wall Street speculators from taking unfair advantage of consumers at the pump during energy emergencies. ____________________
