Federal Energy Price Protection Act of 2006

FEDERAL ENERGY PRICE PROTECTION ACT OF 2006 -- (Extensions of Remarks - May 03, 2006)

* Mr. STEARNS. Mr. Speaker, as every American knows, fuel prices around the country have begun to rise with the beginning of the summer driving season, when demand is at its peak, and during a time when growing economies like China and India are consuming more and more of the world's available petroleum supply. To make matters worse, nuclear ambitions in Iran, the fourth largest oil producer, and tensions in Nigeria, the twelfth, have created the perfect storm for a precipitous rise in gasoline and other fuel prices. Our problem back home is how to manage those global issues so that they have as little impact at home on the average American who just wants to take his family on that planned vacation under tight budget or maintain his delivery business without taking out an additional loan. I am very happy that we are taking up H.R. 5253, the ``Federal Energy Price Protection Act of 2006.'' This bill deals directly and aggressively with the need to stabilize the price of fuel in an uncertain world market and ensure that greed and opportunism don't worsen those challenges by gouging the customer at the pump. H.R. 5253, for the first time, allows the FTC, at any time, to prosecute price gouging. This bill takes aim at those in the wholesale and retail markets for gasoline, diesel fuel, crude oil, home heating oil, and biofuels who prey on their customers for their own unjust enrichment. The FTC is directed to define what price gouging actually is. And a very important point--this legal recourse and its enforcement provisions against gouging are always available, not just in times of natural or energy emergency. Mr. Speaker, this bill's hammer is triggered by consumer rip-offs, not bureaucratic proclamations. In addition, state attorneys general will be empowered to bring cases under the federal law and those cases can lead to extremely strong civil and criminal penalties in the multiple millions of dollars and the possibility of a visit to the nearest correctional facility. This is a very aggressive piece of legislation targeted at a problem that weakens this country not only in dollars but in what it does to the every day lives of all Americans--vacations missed, budgets broken, and business stretched thin. Mr. Speaker, I urge my colleagues to pass H.R. 5253, the Federal Energy Price Protection Act of 2006 and once and for all make it clear that we are serious about solving our energy challenges at home so we can be more successful in solving them abroad. This bill will serve us and our children well.

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