Hearings on gas company price-gouging bill in D.C. today
With record-high prices at American gas pumps, some Democrats in Congress are looking to put a hold on record-high oil company profits. There were hearings on House Resolution 1252 today, a bill that would "protect consumers from price-gouging of gasoline and other fuels." Sponsored by Rep. Bart Stupak of Michigan and known as the "Federal Price Gouging Prevention Act," the law aims to make it "unlawful for any person to sell crude oil, gasoline, natural gas, or petroleum distillates at a price that--
- (A) is unconscionably excessive; or
- (B) indicates the seller is taking unfair advantage unusual market conditions (whether real or perceived) or the circumstances of an emergency to increase prices unreasonably."
Not everyone thinks the bill is a good idea. Washington Post opinion writer George Will thinks Pelosi is wrong on this issue, and says that there's no gas "crisis." Will says that "in real (inflation-adjusted) rather than nominal dollars, $3.07 is less than gasoline cost in 1981." I'm sure that's a real (inflation-adjusted or not) comfort to everyone filling their tanks this week.
The Thomas.gov page about the bill is here.
[Source: Thomas.gov, MoveOn, PostBulletin]
Reader Comments (Page 1 of 1)
Joseph 7:15PM (5/22/2007)
On the news I heard that gas prices today were the highest EVER, including INFLATION.
Anyways...about this bill. It seems like rules for price gouging are too vague.
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captainOface 11:29PM (5/22/2007)
...But dont we want high Gas Prices? High gas prices = more people going for more fuel sipping vehicles and forcing the market to produce them. If we go after the Oil Companies and they stop artifically raising the price of gas...wont that make the price go down and enable people to maintain the status quo? Unless.....Congress will pick up the slack from the Oil Companies and force a Gas Tax in the void left from the Oil Companies lowering the price of gas. That way the Gov gets to gouge the consumer under the pemise of "helping" -- Sweet
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Cervus 3:52AM (5/23/2007)
What interesting language they're using. So, how do you exactly define "unconscionably excessive"? Sounds like an awfully subjective term.
Frankly, the politicians are just stupid:
http://www.env-econ.net/2007/05/all_politicians.html
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Harvy 7:14AM (5/23/2007)
Hey #2 (captainOface).. We do want high gas prices to force automakers to make fuel sipping cars.. but right now the supply of other fuels is not up to par for the demand.. such as Hydrogen cars.. we don't have the resources readily availiable to everyone.. until they make a refueling stations every let's say 25-30 miles apart... right now the closest E-85 pump is about an hour and a half away and I'm in the Washington D.C. area.. so I can just Imagine living in the middle of nowhere like somewhere in I don't know.. Turcotte, Texas. There's probably not going to be anykind of refueling station there for the next 10-15 years...
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javier.e.trevino 7:17AM (5/23/2007)
So until then, I think that is why we want the gas prices to stay somewhat reasonable, .. sorry guys I forgot to add my point to the previous comment..
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amca 9:37AM (5/23/2007)
Guys, this has nothing to do with gas prices. It's all about trial lawyers finding new ways to shake down businesses.
And highly subjective language, the perils of which even a lay crowd can easily spot, is a trial lawyer's best friend, and a defendant's worst enemy.
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mike 8:57AM (5/23/2007)
Unless there is an admission that the government makes far more off of gasoline than the oil companies then this is a complete farce. Schumer was blabbing a few months back about how much money BIG OIL was making when he was confronted with how much the government makes from gas taxes (roughly the same profit as the gas company makes but they make it for all gas companies and not just one). He was asked if he would support a lowered gas tax if gas companies were to lower their profits and he said no. No? WHAT A LYING OPPORTUNIST HYPOCRIT.
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bill 10:47AM (5/23/2007)
I am howling with laughter at the idea Congress will be investigating price gouging by oil companies. This is like asking Islamo-Fascist terrorists to find Bin Laden. The Senate is attempting to give away the country with their latest amnesty bill for illegal Hispanics, The Dems are working on the biggest tax increase in history just because they think they can, and we think anything meaningful will come out of hearings concerning oil company price gouging?
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captainOface 5:17PM (5/23/2007)
#4 - look at the other comments on this blog site. Many responders are asking for higher taxes on gas to force people to conserve...conserve not switch to a new technology..at least not yet. I am just calling out soem hypocracy when the same people want to go after the oil companies for making too much money off of high gas prices....makes you wonder what the agenda is. If forced conservation is the goal wouldnt it be better for corporations to make profit vs the goverment...hear is why - most of our Mutual Funds and 401k have Oil Companies in the portfolio so those who are in the market or have a job and invest for retirment get something out of it.
Look I cant wait for the electeric car, h2 power, or even to run a car on biomass but that is not reality yet...hopefully soon but not yet.
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brandon 3:37PM (5/23/2007)
150 million? Isn't that chump change in comparison with how much money they are making from this price gouging already?
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frank78 8:55PM (5/23/2007)
"Economic problems shouldn't have political solutions."
This bill is about trying to make voters FEEL good- that their oh so wonderful and altruistic govt is there to save the day for them!! Save us Superman! Save us Nancy Pelosi!! What a crock of shit.
Politicians are using their belief (with some evidence in places) that the American people are stupid so they can push forth another useless federal bill that will do........drumroll..........nothing.
Oil companies are making record profits. Good for them. Record sales = record profits. Wow. Imagine that!! This bill is an insult to our intelligence.
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