• Abstract and Figures
• Public Full-text

E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 109 CONGRESS, SECOND SESSION Vol. 152 WASHINGTON, TUESDAY, MAY 2, 2006 No. 50 House of Representatives The House met at 12:30 p.m. and was ed to feel the political heat, they put way oil futures are bought and sold. called to order by the Speaker pro tem- forth shallow imitations of Democratic Seventy-five percent of the multibil- pore (Mr. CULBERSON). ideas and returned to their old stand- lion-dollar oil futures industry is com- f by, drilling in the Arctic National pletely unregulated, without trans- Wildlife Refuge. parency or oversight by the Federal DESIGNATION OF SPEAKER PRO The simple fact is this: as gas prices Government or the Commodity Fu- TEMPORE climb, the majority party has been tures Trading Commission. This is The SPEAKER pro tempore laid be- shamed into doing something, but they Enron all over again. Without Federal fore the House the following commu- still are out of ideas. Our legislation, oversight, there is no way to ensure nication from the Speaker: the Democratic legislation, the FREE that speculators are not manipulating Act, the Federal Response to Energy the market to drive up the price of oil. WASHINGTON, DC, Emergencies, would instruct the Fed- Last week, I introduced the PUMP May 2, 2006. I hereby appoint the Honorable JOHN eral Trade Commission to develop a Act, or the Prevent Unfair Manipula- ABNEY CULBERSON to act as Speaker pro tem- legal definition of gas price gouging, tion of Prices Act. This bill would re- pore on this day. predatory pricing and market manipu- quire all traders to play by the same J. DENNIS HASTERT, lation. Most people are shocked to find rules, ending the speculation, fear and Speaker of the House of Representatives. that there is no Federal law against greed that drives today’s oil prices. It f gas price gouging. Therefore, the Fed- has been estimated that by stopping eral Trade Commission has never this speculative trading, we could re- MORNING HOUR DEBATES brought a case to court for gas price duce the price of a barrel of oil by as The SPEAKER pro tempore. Pursu- gouging. Let me repeat that. Never in much as $20 per barrel, providing con- ant to the order of the House of Janu- the history of the Federal Trade Com- sumers with immediate relief at the ary 31, 2006, the Chair will now recog- mission has it brought a case of price gas pump. nize Members from lists submitted by gouging to court. Why is this? Because These are the kind of ideas that the majority and minority leaders for there is no definition of price gouging. Democrats are promoting to provide morning hour debates. The Chair will Well, even if the President and con- consumers with immediate relief. But, alternate recognition between the par- gressional Republicans don’t know how instead, we get the same thing from ties, with each party limited to not to to define price gouging, consumers the majority party: drill in the Arctic exceed 30 minutes, and each Member, know it when they see it. Gas costs 70 National Wildlife Refuge and provide cents more a gallon right now than it big tax breaks to big oil. You don’t except the majority leader, the minor- did at the same time last year. Profits drill your way to energy independence. ity leader, or the minority whip, lim- for refineries are up 255 percent be- Tax breaks for the big oil companies ited to not to exceed 5 minutes. tween September 2004 and September don’t result in lower gas prices. The Chair recognizes the gentleman 2005. Last week, Valero, the Nation’s Today’s USA Today, the Money sec- from Michigan (Mr. STUPAK) for 5 min- largest refinery company, posted a 60 tion, has an article, States Find It utes. percent increase in profit in the first Tough to Prove Gas Prices Illegal. In f quarter alone. That’s gouging. And California, the Attorney General says that in 2006 in the first 4 months of this THE PRICE OF GAS while it happens, unfortunately the majority party turns a blind eye. year, prices have gone up 14 percent, Mr. STUPAK. Mr. Speaker, as the In contrast, 125 House Democrats but the difference between what oil ranking Democrat on the Energy and have signed a discharge petition. A dis- companies pay for crude oil and the Commerce Committee’s Subcommittee charge petition removes our legislation price at the pump is up 130 percent. If on Oversight and Investigations, I have from the committee of jurisdiction and that’s not price gouging, I don’t know been calling for hearings on gas price brings it to the floor for a vote. More what is. In Arizona, they showed that gouging for over 8 months. For 8 and more Members each day are sign- the profit margins realized by every months I have been asking for consid- ing their name to the discharge peti- segment of the oil industry were two or eration of my legislation, the Federal tion. These Members are tired of the three times greater than normal. Is Response to Energy Emergencies Act, Republicans’ stonewalling. We want ac- that price gouging? I think it is. But as which is designated to crack down on tion on a real price gouging bill with Arizona says, the State has no law gas price gouging. For 8 months, Re- teeth, not a watered-down imitation. making price gouging illegal, under- publicans in Congress have stone Just as we need to address gouging, scoring, the report says, the need for walled. When Republicans finally start- Congress should also take a look at the Federal price gouging legislation. b This symbol represents the time of day during the House proceedings, e.g., b 1407 is 2:07 p.m. Matter set in this typeface indicates words inserted or appended, rather than spoken, by a Member of the House on the floor. H1923 . VerDate Aug 31 2005 01:42 May 03, 2006 Jkt 049060 PO 00000 Frm 00001 Fmt 4634 Sfmt 0634 E:\CR\FM\A02MY7.000 H02MYPT1 CCOLEMAN on PROD1PC71 with HOUSE H1924 CONGRESSIONAL RECORD — HOUSE May 2, 2006 I would hope, Mr. Speaker, that But Florida, unlike Arizona, has an anti- hurricane damage last year. The MMS plans Speaker HASTERT would allow us to gouging law. It is in effect only when a state to update that number Wednesday. bring up the FREE Act so we could of emergency is declared. Florida was a hur- f have a free and full debate on price ricane target, making an emergency declara- tion logical. RECESS gouging in this Congress. Arizona’s report, unveiled last week, says, The SPEAKER pro tempore. Pursu- Look at this next article: Fuel Costs ‘‘Profit margins realized by every segment of Ease But Could Climb Higher. Why? the oil industry were two or three times ant to clause 12(a) of rule I, the Chair Money is flowing into direct or indirect their normal margins.’’ declares the House in recess until 2 purchases of oil futures as an inflation But the state has no law making that ille- p.m. today. hedge. That flow sends futures higher, gal, underscoring, the report says, the need Accordingly (at 12 o’clock and 37 fueling more inflation, and then fuel- for a federal price-gouging law. minutes p.m.), the House stood in re- ing more money into futures positions The Federal Trade Commission is expected cess until 2 p.m. to deliver a report by May 22 that will say as an inflation hedge. That is price whether the agency found any price manipu- f gouging. That is market manipulation. lation after Katrina. b 1400 That is why we have the PUMP Act. [From USA Today, May 2, 2006] If we would pass the PUMP Act, AFTER RECESS FUEL COSTS EASE BUT COULD CLIMB HIGHER bring it to the floor for debate, get it (By James R. Healey) The recess having expired, the House out of committee and put it before the was called to order by the Speaker pro House here, we could lower the price of Gasoline prices have stopped their spring- loaded daily leaps, but it’s too soon to say tempore (Mr. MURPHY) at 2 p.m. a barrel of oil by $20. the worst is over. f [From USA Today] The numbers on the pump have declined STATES FIND IT TOUGH TO PROVE GAS PRICES slightly three consecutive days, to a nation- PRAYER ILLEGAL wide average $2.919 a gallon Monday, accord- The Chaplain, the Reverend Daniel P. (By James R. Healey and Matt Krantz) ing to travel club AAA. It’s the first time Coughlin, offered the following prayer: Arizona’s comprehensive investigation into that’s happened since late March. But the Most glorious Lord of life, You alone that state’s high fuel prices after Hurricane March respite totaled just 0.8 of a cent over triumph over death and sin, for You Katrina concludes that while there was three days and turned out to be only a hic- cup that before prices zipped higher. alone are eternal and holy. Prove Your ‘‘profiteering’’ at all levels of the oil indus- victory in us. Take this nation and try, nothing illegal took place. AAA warns that might happen again. ‘‘A Washington’s attorney general’s office said few days of slight declines does not make a make it Your own.

Load more

  167

Copy Link