Federal Price Gouging Prevention Act

Floor Speech

FEDERAL PRICE GOUGING PREVENTION ACT -- (House of Representatives - May 23, 2007)

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Mr. LEVIN. Mr. Speaker, as a cosponsor of H.R. 1252, I rise in support of the Federal Price Gouging Prevention Act, and urge its passage by the House.

Gasoline prices are now at record highs. In my home state of Michigan, the average price of regular gas is $3.47 a gallon--a full 66 cents a gallon higher than it was at this time last year. According to the General Accounting Office, the rise in gasoline prices this year has drained consumers of an extra $20 billion. The six largest oil companies announced $30 billion in profits over the first three months of 2007 alone. This is on top of the $125 billion in profits they racked up last year.

The other side says that we should do nothing. They say that it's a world market for oil, and therefore something we cannot control. How then do they explain that the cost of gasoline has been rising even in the face of falling world oil prices? We must face the fact that there is something wrong in the distribution chain, especially during times of energy emergencies such as when Hurricane Katrina hit the Gulf Coast. As a first step in attacking the problem, we need to give the Federal Trade Commission the explicit authority to investigate and punish those who artificially inflate the price of gasoline.

The oil companies oppose this bill. The White House also has indicated that the President may veto the bill. With all due resect, we work for our constituents, not the oil companies and not the White House. I urge the House to stand with consumers and vote for this needed legislation.

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