[Congressional Record (Bound Edition), Volume 158 (2012), Part 8]
[Senate]
[Page 11526]
[From the U.S. Government Publishing Office, www.gpo.gov]




                            HIGH GAS PRICES

  Mr. LEAHY. Mr. President, I remain concerned about the high price of 
gasoline that continues to disproportionately hurt working class 
families, especially those in rural States like Vermont. In Vermont, 
the average price of gasoline remains above the national average. 
Despite significant efforts to improve public transportation in the 
State, many Vermonters must still rely on their cars as the primary 
mode of transportation. More can and must be done to help families who 
are struggling to find jobs and put food on the table.
  Crude oil accounts for the largest share of the price of gasoline. I 
am concerned that excessive speculation in the oil market has 
contributed to a significant rise in the price of gasoline. Congress 
included important protections to address excessive speculation in the 
Dodd-Frank Wall Street Reform and Consumer Protection Act. As a 
conferee and strong advocate for that law, I have pushed the U.S. 
Commodity Futures Trading Commission to quickly implement the 
protections and rules to help curb these abuses.
  At the same time, we must ensure that local and regional markets 
remain competitive and that oil companies do not engage in 
anticompetitive practices. While prices have eased somewhat nationally 
this summer, there have been concerns raised about price disparities in 
the cost of gasoline in Vermont. Vermont prices remain higher than the 
national average and residents of northern Vermont are paying even more 
than their neighbors just one or two towns to the south. I support the 
efforts by the State of Vermont, Senator Sanders and Federal regulators 
to look into whether these differences can be explained by market 
conditions, and to take action if they cannot. Such serious allegations 
should be properly investigated by the Oil and Gas Price Fraud Working 
Group at the U.S. Department of Justice and the Federal Trade 
Commission.
  The largest oil companies raked in $137 billion in profits last year 
alone, while also taking in billions in taxpayer subsidies. Repeated 
efforts to repeal these ridiculous subsidies by myself and a majority 
of the Senate have been filibustered by friends of the big oil 
industry. It is these large oil companies and those working at the 
wholesale level that are reaping tremendous profits, while many of our 
independent and locally owned stations are struggling to make ends 
meet. Regrettably, many of these same local stations are forced to 
shutter their doors when the large oil chains undercut their business.
  The real cost of high gas prices is more than just the bill at the 
pump. These prices force families to choose between filling their gas 
tanks and putting food on the table. And they mean rising food prices 
due to increased shipping costs. These are costs that working families, 
particularly in these difficult economic times, often cannot absorb. I 
will continue to push for creative, long-term solutions to relieve the 
pain at the pump.

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