[Congressional Record (Bound Edition), Volume 153 (2007), Part 10]
[Extensions of Remarks]
[Page 14431]
[From the U.S. Government Publishing Office, www.gpo.gov]




 STATEMENT ON H.R. 2264, NO OIL PRODUCING AND EXPORTING CARTELS ACT OF 
      2007 AND H.R. 1252, THE FEDERAL PRICE GOUGING PREVENTION ACT

                                 ______
                                 

                         HON. JOHN CONYERS, JR.

                              of michigan

                    in the house of representatives

                         Thursday, May 24, 2007

  Mr. CONYERS. Mr. Speaker, on Tuesday and Wednesday of this week, I 
was pleased to support legislation to crack down on gas price gouging 
and OPEC state-controlled entities that conspire to limit the supply or 
fix the price of oil.
  Nationwide, families are paying $3.22 a gallon on average for regular 
gasoline--more than double the cost when President Bush took office, up 
89 cents from the beginning of the year. Last year, families paid 
$1,000 more on average for gasoline than in 2001. As we approach 
Memorial Day and the summer driving season, families in Michigan are 
paying an average of $3.47 for gasoline.
  The high cost for families come as oil companies continue to prosper. 
The six largest oil companies announced $30 billion in profits for the 
first quarter of 2007. This is on top of the $125 billion in record 
profits they made in 2006.
  On Tuesday, the House approved H.R. 2264, a bill I introduced, to 
authorize the Justice Department to take legal action against OPEC 
state-controlled entities that participate in conspiracies to limit the 
supply, or fix the price, of oil.
  On Wednesday, the House approved The Federal Price Gouging Prevention 
Act, H.R. 1252, which would give the Federal Trade Commission the 
authority to investigate and punish companies that artificially inflate 
the price of gas. The bill sets criminal penalties for price gouging, 
and permits states to bring lawsuits against wholesalers or retailers 
who engage in such practices.
  In spite of record oil industry profits in the face of crippling 
costs for American consumers, President Bush has threatened to veto 
both pieces of legislation.
  In addition to the legislation approved this week, the Democratic 
Congress has already voted to roll back $14 billion dollars in taxpayer 
subsidies for Big Oil companies and reinvest the money in clean, 
alternative fuels, renewable energy and energy efficiency. Democrats 
are also developing an Independence Day package to boldly address 
energy independence and global warming by rapidly expanding the 
production of clean, alternative fuels and increasing energy 
efficiency, which will help protect our environment and bring down the 
cost of fuel for American consumers.

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