11.17.05

Cantwell to Take Anti Gas Price Gouging Legislation to Senate Floor Thursday Morning

Cantwell Leads 29 Cosponsors in Fight to Protect Consumers from Soaring Gas Prices as Oil Executives Rake in Record Profits

WASHINGON, DC – Thursday morning, U.S. Senator Maria Cantwell (D-WA) will take to the Senate floor to protect hard-working American families from skyrocketing fuel costs. Cantwell’s amendment, cosponsored by 29 Senators, would put in place federal anti gas price-gouging protections to guard against future profiteering and market manipulation.

"Americans continue to suffer from sky-high energy costs while giant oil companies rake in billions," said Cantwell, a member of both the Senate Commerce and Energy Committees. "The oil companies like to say that this is about supply and demand. But Americans are demanding answers and sensible solutions. We need to protect consumers from profiteering at the gas pump, and we need to do it now. Every sector of our economy depends on it."

Cantwell’s amendment, to be offered Thursday morning to the Tax Reconciliation bill, empowers federal regulators to ensure greater market transparency and go after companies for manipulation of oil and gas price. It also gives the President the authority to declare national energy emergencies during which proven price gougers would be subject to new fines and criminal penalties. Many of the amendment’s provisions are based on similar measures included in the recently passed energy bill, which contained Cantwell’s legislation to ban Enron-style manipulation schemes in the electricity industry.

Cantwell is the chair of the Senate Democrats’ Energy Independence 2020 national campaign, working to break America’s overdependence on foreign oil, to protect working families from skyrocketing energy costs, and to stop unfair market manipulation by energy companies. We must stop price gouging, provide relief from high home heating costs, and invest in reliable sources of affordable fuel. By working toward energy independence, we can protect our environment, jumpstart our economy, and provide for a better future. Together, America can do better.