[Congressional Record (Bound Edition), Volume 152 (2006), Part 5]
[House]
[Page 5924]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1415
                                FREE ACT

  (Mr. STUPAK asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. STUPAK. Madam Speaker, crude oil prices have exceeded previous 
records set after Hurricane Katrina, reaching over $75 a barrel. This 
summer, Americans are expected to pay significantly more at the pump 
than last summer. In the meantime, oil companies continue to rake in 
record profits.
  During five town hall meetings I held in Michigan in the past 2 
weeks, the price of gasoline was the most troubling for my 
constituents. There are currently no Federal laws against price 
gouging. The only way the Federal Trade Commission can even attempt to 
prosecute unfair pricing is through antitrust and antimonopoly laws. To 
date, the FTC has never brought a gas price gouging case to court.
  Recently, President Bush ordered an investigation into gas prices. 
However, because the Federal Government does not have a clear 
definition of what price gouging is, the FTC can do little more than 
study the issues. But we have had enough studies. Last September, I 
introduced a bill to increase the Federal Government's ability to 
prosecute price gougers. My bill, the Federal Response to Energy 
Emergencies Act, FREE Act, will provide the FTC and the Department of 
Justice with the authority to investigate and to prosecute those who 
engage in predatory pricing, from oil companies down to distributors, 
with an emphasis on those who profit most.
  The FREE Act will also allow State attorneys general to investigate 
unfair pricing practices. This includes the gouging of gasoline, home 
heating oil, and natural gas. The Federal Government has a 
responsibility to act responsibly and prevent price gouging, and I urge 
a vote on my legislation.

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