Lieberman Tackles Gas Price Gouging
Lieberman Tackles Gas Price Gouging
Bill would crack down on oil companies and protect consumers
WASHINGTON - Senator Joe Lieberman (D-CT) today co-sponsored a bill that would crack down on gas price gouging. The Oil and Gas Industry Antitrust Act of 2006 would aggressively tackle the over-consolidation and anti-competitive conduct that inflate gasoline and heating-oil prices. According to AAA, gas prices in Connecticut have risen to a statewide average of $3.01 per gallon for regular, up 34 percent from $2.25 at this time last year.
"Skyrocketing gas prices are placing one more economic burden on American families, especially as summer driving season approaches," Lieberman said. "We must act now on legislation that will hold the oil industry accountable and help protect consumers against the impact of these increased gas prices. We also must provide a long-term solution for America to break its dependence on foreign oil by making greater use of alternative and renewable energy sources."
The Oil and Gas Industry Antitrust Act of 2006 Would:
Make it unlawful for companies and traders to inflate fuel prices artificially by hoarding supplies.
Empower federal enforcers to sue foreign cartels such as OPEC for violating US competition laws.
Require the federal government to study whether US competition laws and merger policies can be changed to better foster competition in the oil and natural gas industries.
Establish a federal-state task force to investigate collusion among oil and natural gas companies.
In June 2000 and again in May 2001, Lieberman urged the FTC to increase its monitoring of gasoline markets. After the Bush Administration failed to take effective action, he cosponsored legislation that was enacted in 2005 as part of the Energy Policy Act, which requires the FTC to report on whether companies have been artificially inflating gasoline prices. In September 2005, Lieberman was as an original cosponsor on the Energy Emergency Consumer Protection Act, which would increase the power of the FTC and state attorneys general to crack down on gasoline price gouging during emergencies. The following month, he joined 15 senators in calling upon the FTC to demonstrate that the string of oil-industry mergers approved by the Commission over the last decade has not harmed consumers by dampening competition.
The bill was introduced by six members of the Senate Judiciary Committee: Senators Specter (R-PA), Leahy (D-VT), Durbin (D-IL), Feinstein (D-CA), Kohl (D-WI), and DeWine (R-OH).
http://lieberman.senate.gov/newsroom/release.cfm?id=254707&&