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“ORDER OF PROCEDURE” mentioning the U.S. Dept. of Commerce was published in the Senate section on pages S8143-S8144 on July 15, 2004.
The publication is reproduced in full below:
ORDER OF PROCEDURE
Mr. REID. Mr. President, on behalf of the minority leader, we designate our time to Senator Kohl, 5 minutes; Senator Dorgan, 5 minutes; Senator Conrad, 5 minutes; and Senator Cantwell, 15 minutes.
The ACTING PRESIDENT pro tempore. Without objection, it is so ordered.
Under the previous order, the Senator from Wisconsin is recognized.
Mr. KOHL. Mr. President, I want to take a moment to address an issue of serious concern to families across the United States--the continued high cost of gasoline. Over the last few years, spring has always meant gas price spikes to southeastern Wisconsin. This year, that trend has gone nationwide, with consumers and businesses from coast to coast experiencing gas prices of over $2 a gallon.
The current average price for a gallon of gas is $1.89, up 40 cents over last year. That means that a family owning one car can expect to spend an additional $286 this year on gas over last year. If a family has more than one car, then they are looking at almost an additional
$600. With job losses plaguing the manufacturing sector and stagnant wages for those who have been lucky enough to keep their jobs, that kind of increase in the cost of transportation is a serious problem.
And it is not only families who are feeling the pinch of high gas prices. Wal-Mart, the country's biggest retailer, has expressed concern that these higher fuel prices will result in lower sales--and in fact, the Commerce Department reported yesterday that retail sales saw their largest drop in 16 months. Our economy's health is dependent on consumer spending. If consumers are buying less because of high transportation costs, the family van will not be the only thing out of gas; our nascent economic recovery will also stall.
Much of the gas money squeezed out of our economy heads to OPEC countries, the result of their blatant price fixing. To address that, Senator DeWine and I have introduced the ``No Oil Producing and Exporting Cartels Act'' or NOPEC. NOPEC will, for the first time, establish clearly and plainly that when a group such as the OPEC nations act together to restrict supply or set prices, they are violating U.S. law. The bill will not authorize private lawsuits, but it will allow the Attorney General or the FTC to file suit under the antitrust laws for redress. Our bill will also make plain that the nations of OPEC cannot hide behind the doctrines of ``Sovereign Immunity'' or
``Act of State'' to escape the reach of American justice. This legislation would be a powerful tool to combat the illegal price fixing behavior of OPEC, behavior that would be severely prosecuted if it happened inside the U.S. or was carried out by U.S. companies.
Although OPEC is a big part of the problem of high gas prices, the lack of refining capacity across the country also contributes. Every day our economy demands almost nine million barrels of gasoline to keep the marketplace moving, but we lack enough oil refining capacity to meet the demand. Refineries are operating at 95 percent of capacity--
and so we are forced to import 1 million barrels of refined gasoline a day.
The antitrust subcommittee on which I am the ranking member has looked into the issue of whether insufficient refining capacity is a manufactured crisis designed to raise prices by reducing the supply of refined product. No new refineries have been built in this country for 25 years, while scores have been closed. Some believe that this has allowed the remaining refiners to keep gasoline prices abnormally high. We are going to have to be vigilant if we are to keep the short supply of refineries from allowing another Enron-like gouging of consumers.
Indeed, I was gratified by the news last week that the FTC had begun a formal investigation into Shell's plans to close an important refinery in Bakersfield, CA, a refinery that produces 70,000 barrels of gasoline a day. Should the FTC conclude that the closure of this refinery results from efforts by Shell to control supply and raise prices, it must pursue all legal measures to protect consumers. The FTC must be tougher on all mergers in the oil and gas industry and act quickly and decisively to prevent oil companies from manipulating supply and prices. And Congress has important oversight responsibilities to make sure the FTC uses the powers we have given them.
The high price of gas is an issue that affects everyone, but to those on the bottom of the economic ladder it can be devastating. It is a serious problem when--because of the cost of gas--getting to work, finding a new job, or visiting the grocery store or the doctor become a luxury out of the reach of working families. It is a serious problem that we need to address seriously--and there are simple steps, like some I have outlined today, that we can take this year. We can and should act--not sit on our hands while working families again reach for the bill.
I yield the floor.
The PRESIDING OFFICER. The Senator from North Dakota.
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