The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“RISING GAS PRICES” mentioning the U.S. Dept. of Justice was published in the Senate section on pages S13574 on Oct. 30, 2007.
The publication is reproduced in full below:
RISING GAS PRICES
Mr. LEAHY. Mr. President, oil prices closed at another record high yesterday over $93.50 a barrel. That is nearly triple the average price just 4 years ago, and we have reason to fear that oil may be on its way to over $100 a barrel and possibly to $120 a barrel. Gas prices are reportedly 65 cents a gallon higher than they were just a year ago. This is an unacceptable burden to hundreds of thousands of families across the country, and it harms American consumers as well as the American economy. This winter, the price of home heating oil will be a serious burden on thousands of Vermonters.
The relentless rise in oil prices should be another clear signal that we need to redouble efforts toward energy independence. As we develop alternative energy sources, we must keep focus on the artificial manipulation of oil and gas prices today. Demand for oil is rising, but members of the Organization of the Petroleum Exporting Countries, or OPEC, continue to collude to prevent the supply from matching that demand. As the Centre for Global Energy summarized it: ``Without more oil from OPEC, prices will continue to rise over the winter.'' In a properly functioning market, OPEC members would compete to serve the demand, but OPEC acts outside the basic principles of competition.
As the weather cools, rising prices for heating oil are an even greater cause for concern. Thousands of hard working Vermont families, seniors and disabled persons will experience considerable strain in coming months as they try to balance the cost of such necessities as home heating oil, prescription drugs and food on their tables. The Energy Information Administration forecasts that the average U.S. household will see a winter increase of 22 percent in heating-oil expenditures from last year. In fiscal year 2006, Congress appropriated over $3 billion for the critical Low Income Home Energy Assistance Program, LIHEAP. Yet in his fiscal year 2008 budget, President Bush has requested only half that amount, or $1.5 billion. While LIHEAP grants are decreasing, the number of applications is rising.
The American consumer is being harmed for the benefit of oil producing cartels. This is just wrong. When the President took office, Americans could fill their cars, heat their homes, and run their businesses on gasoline that cost $1.45 a gallon. Today, fuel prices have skyrocketed to an average $2.87 a gallon. Prices will, at times, fall, but because fuel prices are not properly subject to competition oversight and enforcement, the American consumer will only benefit from lower prices when it serves some other purpose of the cartel and foreign governments.
The administration must stop OPEC from artificially affecting prices in the United States. I joined Senator Kohl as an original cosponsor of his bipartisan NOPEC legislation that would hold accountable certain oil producing nations for their collusive behavior that has artificially reduced the supply and inflated the price of fuel.
When entities engage in anticompetitive conduct that harms American consumers, it is the responsibility of the Department of Justice to investigate and prosecute. It is wrong to let members of OPEC off the hook just because their anticompetitive practices come with the seal of approval of national governments.
It is time for the administration to take the side of American consumers, not the side of oil cartels. We cannot claim to be energy independent while we permit foreign governments to manipulate oil prices in an anticompetitive manner. Vermont families, and families across the country, need our help to make essential home heating more affordable this winter.
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