[Congressional Record Volume 154, Number 130 (Friday, August 1, 2008)]
[Extensions of Remarks]
[Page E1691]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 THE CONSUMER ENERGY RELIEF ACT OF 2008

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                       HON. JANICE D. SCHAKOWSKY

                              of illinois

                    in the house of representatives

                         Friday, August 1, 2008

  Ms. SCHAKOWSKY. Madam Speaker, today I rise to introduce H.R. 6653, 
the Consumer Energy Relief Act. This legislation will provide Americans 
short- and long-term relief from rising energy costs by implementing a 
comprehensive strategy to reduce America's oil dependence while also 
driving down the price of gasoline.
  In January 2001, when President Bush took office, the price of oil 
was $30 per barrel, and the average price for a gallon of gasoline was 
about $1.50. After 7\1/2\ years of energy policies spearheaded by 
President Bush, Vice President Cheney, two oil men in their own right, 
and their friends in the oil industry, oil companies in the United 
States are earning record profits, the cost per barrel of oil has 
spiked to $134 and Americans are spending at least $3.96 on a gallon of 
gasoline.
  Energy costs this high place a tremendous burden on the American 
people at a time when our economy is already on the verge of recession. 
The Consumer Relief Act takes important steps to reduce gas prices, 
eliminate our dependence on oil for fuel, and provide real relief to 
the American people by addressing the root causes of the spike in 
energy costs.
  First, it will impose tighter regulations on excessive speculation. 
While the speculation market is a necessary function of America's 
economy, the deregulation of the market under the Bush administration 
has allowed the oil and gas market to be manipulated. Experts have 
testified that excessive speculation may be responsible for inflating 
prices by as much as $20 to $60 more per barrel. By regulating the 
speculation market, this bill will restore stability to international 
commodity trading and protect the American people from exorbitant gas 
prices.
  Secondly, this bill will grant the Federal Trade Commission the 
authority to investigate and punish companies that artificially inflate 
the price of energy. The need for this provision is clear. An 
investigation of 1,000 gas stations in New Jersey resulted in tickets 
for 350 violations of gasoline price gouging-related offenses. Among 
the citations issued were: 62 violations for the pump not accurately 
metering, or measuring, fuel, 46 violations for per-gallon prices being 
different on each side of the pump, 37 violations for fuel grades 
(octane rating labels) not posted, 26 violations for inaccurate octane 
ratings, 19 violations for inaccurate total sale price calculation and 
14 violations for multiple price changes in a 24-hour period. This 
investigation is indicative of what is occurring all over the country. 
Price gouging has become an epidemic.
  Lastly, H.R. 6653 addresses the causes of our Nation's energy crisis 
by infusing a major investment in the research and development of 
renewable energy as well as providing financial assistance for the 
purchase of energy efficient appliances and vehicles. This investment 
will provide immediate relief to Americans by helping reduce their 
energy costs in the short-term by providing financial assistance for 
the purchase of efficient appliances and vehicles, and in the long-term 
by reducing our Nation's dependence on foreign oil by injecting much 
needed capital for the development of alternative energy.
  The Consumer Energy Relief Act pays for this investment by 
establishing a windfall profits tax on oil companies who have benefited 
from President Bush's policies that protect the profit margins of oil 
companies over the tight budgets of hard-working Americans. Just today 
we learned that ExxonMobil is projected to earn a record $52 billion 
this year and that the five largest oil companies in the United States 
are expected $168 million.
  Madam Speaker, American families and businesses are reeling from 
record prices--the result of 7 years of missed opportunities and an 
energy policy this White House has literally allowed the oil industry 
to write. Their policy is working for only one group: the oil companies 
which are earning record profits while Americans are paying record 
prices. The failure to diversify our energy sources with bold 
investments in renewable energy and more efficient technology, leaves 
us dangerously dependent on foreign oil, and hurts our economy and 
American families. The Consumer Energy Relief Act sets the United 
States on a different course, and I urge my colleagues to support it.

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