Posted on 04/24/2006 12:12:45 PM PDT by Crackingham
Republican congressional leaders on Monday urged the Bush administration to investigate whether oil companies are gouging consumers at the gasoline pump and if market speculators are pushing up fuel prices. U.S. retail gasoline prices are above $3 a gallon in many parts of the country and pump costs are forecast to keep rising. Republicans fear they could lose the Senate and House of Representatives in this November's congressional elections if voters retaliate against them for the high fuel prices.
Senate Majority Leader Bill Frist and House Speaker Dennis Hastert wrote President George W. Bush and asked him to direct the U.S. Attorney General and the Federal Trade Commission to crack down on any potential price gouging.
"Anyone who is trying to take advantage of this situation while American families are forced into making tough choices over whether to fill up their cars or severely cut back their budgets should be investigated and prosecuted," the lawmakers said in their joint letter to Bush.
The lawmakers also want the Justice Department and the FTC to look into oil refining operations, transporting fuel by pipelines, marine vessels and trucks, storing and marketing fuel, and spot shortages of gasoline to determine if there is any manipulation of gasoline prices.
"Sweeps of retail distribution centers should be undertaken to ensure that retail price movements are in response to a change in market conditions and not price gouging," the lawmakers said.
They also asked Bush to direct the Commodity Futures Trading Commission to increase its scrutiny of trading of oil, gasoline and other energy contracts on the New York Mercantile Exchange to determine if the price spike is caused by market manipulation by traders or energy firms.
"We believe that protecting American consumers in these unprecedented market conditions is of paramount importance," the lawmakers said.
The Democratic Senatorial Campaign Committee said the Republicans' call for a gasoline price investigation shows they are "scrambling for political cover" because Republicans will be held accountable for "turning a blind eye" to soaring gasoline costs. The Democrats also said the Republicans' demand for action lacks credibility because Republican lawmakers "have allowed oil and gas companies to line their campaign accounts with cash when they should have been cracking down on price gouging and rising gas prices."
Perhaps talk some about what is happening to permanently solve the problem?
How about investigating state governments, like the one here in NC, about why they want to keep raising gas taxes?
Silly me, of course taxes would have absolutelty nothing to do with higher prices now would they. (I don't think a sarc tag is needed)
absolutelty is a new word I just made up :)
Let's start with the politicians who do nothing to provide gas, but tax us up to 40 cents per gallon.
Funny how I woke up this AM and thought I heard a number of Democrats calling for price controls and various govt interventions re gasoline prices.... then I realized that these were Republicans!
Which party has repeatedly blocked expansion of domestic oil production (ANWR anybody?) and which party has consistently erected massive obstacles in the way of expanding domestic refining capacity?
I don't believe supply is the issue.
I say we take all hedge fund managers out back and give them a real texas sized #$^ kickin'
The GOP goes back to its Nixonian roots.
Asking Bush to crack down on the oil industry is a lot like asking Clinton to crack down on perverts.....
check out the roads lately?
If you want lower prices....drive less!
One of the many things the politicians fail to understand about the Law of Supply and Demand is that just because it is a "law" doesn't mean congress can have any effect on it.
Democrat "Won't let us drill" high gas prices. 40 different blend of eco-gas doesn't help either.
It might not be a supply issue in reality, but with a much larger percentage of our oil consumption being satisfied by domestic product, the fund managers wouldn't be able to play with the prices so much (less fear/emotion = less influence on the market).
Frist is a despicable pandering waste of a senate leader. As for Hastert, what happened to him?
The fuel tax is the same as it was when gas cost $1.09 a gallon.
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