The Honorable Tim Bishop

One Minute Statement

May 23, 2006

Mr. Speaker, while the Federal Trade Commission says price gouging isn’t a problem at the nation’s gas pumps, American families know there’s something rotten in the state of Big Oil.

In the face of soaring gas prices that have pinched consumers for over a year, record-breaking profits and 9-figure golden parachutes for oil CEOs, it’s impossible to fathom why the FTC didn’t include any meaningful recommendations about how to deal with price spikes or why our leadership in Congress hasn’t done a better job delivering relief to American families approaching the peak summer months of gas consumption. 

One thing is for sure, this rubber-stamp Republican Congress bears responsibility for an energy policy that makes a priority of handing out billions worth of tax breaks for an industry that simply doesn’t need it, as one CEO testified before the Senate, above delivering real relief to consumers.

When all five FTC commissioners back up their report before the Senate Commerce Committee today, it’s going to be a tough sell to the American people that price gouging really isn’t a problem and that what’s good for the oil companies’ bottom line is good for American families.

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