May 23, 2008: Kaptur Calls for Tougher Measures In Light of $4-Per-Gallon Gasoline in Ohio

“The high cost of energy in general, and gasoline in particular, is putting a real squeeze on American families,” said Congresswoman Kaptur. “Drivers are paying the price because the Bush Administration failed to produce an energy policy.”

Kaptur noted that Congress has taken several steps to address the cost of gasoline, which has increased from $1.46 in January 2001 to $3.80 in the most recent official reporting period. In recent days, Congresswoman Kaptur backed legislation to suspend filling the Strategic Petroleum Reserve, invest in renewable energy sources, and explore antitrust enforcement actions against the multinational oil companies and the foreign oil cartels.

Kaptur said even tougher measures are warranted. “The price increase going into the Memorial Day weekend is as outrageous and it was predictable,” she said. “Congress should take even more steps to hold the oil companies and the foreign cartels accountable.”

The Gas Price Relief for Consumers Act, which passed U.S. House of Representatives earlier this week, would create a new oil antitrust task force inside the U.S. Department of Justice. It would amend the Sherman Anti-Trust Act to give the Department the authority to sue foreign oil cartels that violate U.S. antitrust laws. It also requests the Government Accountability Office to study the effects on competition of prior oil company mergers.

“Congress' work on short-term responses is important, but we need a long-term commitment to energy independence,” said Congresswoman Kaptur. “The high price of gasoline is a symptom of our dependence on foreign oil, which is a clear threat to our families and to our country's economic independence.”

Kaptur noted that the recently-passed farm bill, which was vetoed by President Bush, would boost homegrown biofuel production made from biomass and crop byproducts other than grain. She said gasoline prices could be as much as 15 percent higher than the current price if not for the use of biofuel in the nation’s current fuel mix.