FOR IMMEDIATE RELEASE 
September 8, 2005
Contact:  Rachel Kleinman
(202) 225-3772
 

Ross Introduces Legislation to Establish a Timeline for the FTC to Investigate High Price of Gasoline
 
(WASHINGTON, D.C.)  U.S. Rep. Mike Ross (AR-04) Thursday introduced legislation to establish a timeline for the Federal Trade Commission (FTC) to conduct an investigation to determine if the price of gasoline is being artificially manipulated by reducing refinery capacity or by any other form of market manipulation or price gouging practices.  While the recently passed Energy Policy Act of 2006 directs the FTC to conduct such an investigation, there is no definitive timeline.  Ross’s legislation would require the FTC to report to Congress within 90 days from the day the Energy Bill was signed into law. 

“Days before Congress recessed for the August District Work Period, the United States Congress passed a comprehensive Energy Bill that directs the Federal Trade Commission to investigate whether or not the high price of gasoline was due to market manipulation or gouging practices,” said Ross.  “Just six weeks later, in the aftermath of what is arguably the worst natural disaster in our nation’s history, I have witnessed firsthand already inflated gas prices skyrocket from $2.45 to $3.25 overnight.” 

“Price gouging and market manipulation in days following Hurricane Katrina is intolerable and American citizens deserve an explanation,” continued Ross.  “This legislation puts a timeline on what the United States Congress has already agreed to and the President has signed into law.”

Ross is a member of the House Committee on Energy and Commerce, which maintains oversight of the Federal Trade Commission.


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