Kagen’s gas price relief bill draws strong Republican support
Washington, DC — Congressman Steve Kagen, M.D., today said that his proposed Gas Price Relief for Consumers Act has won broad bi-partisan support, passing the House of Representatives by an overwhelming 324-84.
“In the absence of a national energy policy from this administration, my bill will help set things right for the American people,” Kagen said. “In the long run, we are going to have to loosen the stranglehold other nations have on our economy and exploring new forms of energy.”
The Gas Price Relief for Consumers Act of 2008 would allow the United States to sue foreign oil cartels for anti-competitive price discrimination. It would also allow the Department of Justice Antitrust Task Force to aggressively investigate both gas price gouging and market manipulation.
Kagen said 103 Republicans supported the bill to put in place the means to crackdown on possible anti-competitive practices that could be contributing to the current record-high gas prices. The bill authorizes the creation of the Department of Justice Petroleum Industry Antitrust Task Force charged with examining such issues as price gouging at the gas pump, anticompetitive price discrimination by petroleum refiners, collusion to limit oil supplies and drive prices up, and potential oil price manipulation in futures markets.
In addition, Kagen’s bill requests a GAO study of the effects on competition of prior mergers and divestitures within the petroleum industry.
“This legislation will address the loopholes and exemptions that oil companies exploit at the great expense of our citizens,” said Kagen.
The United States imports nearly 6 million barrels of crude oil per day from Saudi Arabia and other OPEC countries. American consumers remain at the mercy of OPEC nations in how much they pay to fill up their tanks. The House will also pass tax incentives this week for investing in renewable energy to create the green jobs of the future.
