Mr. Speaker, I thank the gentleman from Michigan (Mr. Stupak) and the gentleman from Virginia (Mr. Boucher) for their leadership in offering this substitute, and I am proud to join them. I rise in strong support of this substitute for two…
Mr. Speaker, I thank the gentleman from Michigan (Mr. Stupak) and the gentleman from Virginia (Mr. Boucher) for their leadership in offering this substitute, and I am proud to join them.
I rise in strong support of this substitute for two reasons. Unlike the underlying legislation, it contains a meaningful deterrent to price gouging, and it provides an effective strategy to expand refinery capacity.
We can all agree there were some good provisions in the first energy bill, but Katrina exposed its shortcomings, as well as vulnerabilities that still exist in the energy market.
We can also agree that the hurricane made it harder to meet the challenge of delivering relief to families struggling to pay their energy bills and that a rash of price gouging compounded this problem.
Our substitute takes direct aim at these challenges by creating a strong
deterrent to price gouging that keeps gas prices stable. The underlying bill sets an $11,000 fine for price gouging. That may sound like a lot to the average middle class family, but it is not much to the Exxon- Mobils of this world who earn record profits.
In contrast, this substitute deters price gouging at every stage of production, not just the retail phase, but at all phases in the chain of supply, and this will strengthen those measures.
Mr. Speaker, now is the time that we must stand up to profiteers by assuring hardworking American families that Congress is standing up for their interests, not the oil companies'.
I urge my colleagues to support this substitute that protects American taxpayers and our national security.
Mr. Speaker, I offer a motion to recommit.
In its present form, yes.
Mr. Speaker, 1 year ago, the price of a gallon of gasoline in America was $1.94. The day before Hurricane Katrina struck, it was $2.61. This difference shows that exorbitant increases began even before Katrina wreaked havoc on our economy. The day after Katrina, prices jumped to $3.07. Today, our constituents are looking toward their elected representatives to rein in gas prices once and for all.
Earlier this year, we passed up a golden opportunity to protect Americans from price gouging when we enacted the first energy bill. If we pass this energy bill in its current form, we pass up that opportunity a second time. Let us not make the same mistake twice.
In that spirit, we offer this motion to recommit, which attacks soaring gas prices head on. Our motion achieves this objective by investing new authority in the FTC to investigate, enforce and then punish price gouging and market manipulation.
Specifically, our motion prohibits the sale of crude oil, gasoline, natural gas or any other petroleum distillates at a price that is considered either unconscionably excessive or indicates the seller is taking unfair advantage of the circumstances to increase prices unreasonably.
Any violation will result in new civil penalties, and will be enforced with up to triple the damages of the profits gained by the violation. Unlike the underlying bill, this motion has teeth by reining in scrupulous practices of the oil and gas executives, interested more in padding their bottom line than helping middle-class families make ends meet.
I urge my colleagues to stand up to the oil companies and show hardworking Americans that we are in their corner. Now is the time we must act, to prove that their interests are paramount, not the oil companies'. Our price gouging provisions are superior to those of the underlying legislation, and our provisions are in effect at every stage of the oil and gas production, covering everyone in the supply chain.
Let us put an end to price gouging once and for all. Do not let another opportunity go by without giving middle-class families the relief that they so desperately need and deserve. If you want to do the right thing for America here and now, vote for the motion to recommit.
Mr. Speaker, I yield to the gentlewoman from Pennsylvania (Ms. Schwartz).
Mr. Speaker, I demand a recorded vote.