Rep. Gillibrand Votes to Strengthen Hand Against Gas Price Manipulation
Press Release
Rep. Gillibrand Votes to Strengthen Hand Against Gas Price Manipulation
Yesterday, local Congresswoman Kirsten Gillibrand voted to crack down on gas price manipulation by supporting the bipartisan Federal Price Gouging Prevention Act (H.R. 6346). The legislation is based on legislation that the Congresswoman cosponsored last year, H.R. 1252. The Federal Price Gouging Prevention Act would provide the federal government with another tool to combat the rapid rise in gas prices that have put financial strains on Upstate families.
With gas prices well over $4.00 a gallon, many consumers are concerned that individuals are taking advantage of the volatile energy market and artificially inflating prices at the pump. Just last week, the State of New Jersey issued 350 citations after surveying 1,000 gas stations. This legislation gives the Federal Trade Commission and the State Attorneys General the ability to enforce and prosecute price gouging laws to ensure that consumers are not being taken advantage of.
"At a time when our families are being squeezed by rapidly rising prices at the pump, for individuals to try and take advantage of Upstate families by artificially raising prices is inexcusable," said Congresswoman Gillibrand, a Member of the House Armed Services Committee. "This legislation isn't the key to our long-term energy future, but it is a necessary tool to protect the people of Upstate New York from predatory practices. I will continue to work with my colleagues to promote immediate actions to address our energy crisis through increased domestic production and long-term policies that will grow our economy and create jobs through investment in renewable energy sources."
Earlier this week the Congresswoman announced her support for legislation that addresses the issue of rampant oil speculation. H.R. 6330, the Prevent Unfair Manipulation of Prices (PUMP) Act attempts to shed light on the futures commodity market, where oil is traded. Over the last eight years, speculators share in the oil futures market grew from 37% to 71%. Industry analysts say that oil speculators make up anywhere from 30-50% of the price of oil on the market - meaning that actual oil prices should be closer to $60-$80 rather than the current record high of $140 a barrel.
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