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(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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