FEDERAL TRADE COMMISSION RELEASES REPORT ON GAS PRICE GOUGING
Nebraska's Senator Says Report Is "Hard to Believe"
In response to the Federal Trade Commission's report that found no market manipulation despite finding some instances of price gouging, Nebraska's Senator Ben Nelson released the following statement:
"I find it hard to believe that the FTC has concluded that while there was some price gouging post Hurricane Katrina, they found no market manipulation and determined that the price gouging that did occur is evidently not a problem. It certainly seems like more than a coincidence that at the same time Americans were paying record high prices for gasoline, big oil companies were reporting record high profits. Who wouldn't be suspicious and yet even the FTC has trouble getting to the bottom of it. More than providing answers, this report goes to show just how important it is that we continue the development of alternative, renewable energy sources. It's also a reminder that Congress seriously needs to consider making price gouging a federal crime."
Senator Nelson has voted in support of making price gouging a federal crime in an effort to give the government more leverage in dealing with radical fluctuations in gas prices. That proposal failed by just three votes last fall.
Senator Nelson is a strong advocate of investing in the development and production of alternative fuels such as ethanol. He believes that alternative fuel sources are the pathway to energy independence and lower gas prices. Nelson is pressing energy and IRS officials to implement already enacted ethanol legislation.
First, he asked Secretary Snow to act on the Energy Bill's provision to provide tax incentives of up to $30,000 to fueling stations that install E-85 pumps. Second, Nelson asked the Energy Appropriations Subcommittee to fully fund programs from the Energy Bill to help America develop alternative sources of fuel, such as cellulosic ethanol that is produced from field wastes or switchgrass. Third, he asked Energy Secretary Bodman and the Department of Energy to work quickly to implement the guaranteed loan program that will help with construction of commercially-viable cellulosic ethanol plants in the U.S.
http://bennelson.senate.gov/news/details.cfm?id=255924&&