(AXcess News) Washington - Speaker of the House Nancy Pelosi (D-CA) blamed President Bush for the gasoline crisis following the passage of a bill in the House of Representatives that would make it a federal crime to gouge consumers.
A House Judiciary Committee launched an investigation into big oil companies and the spread between the price of crude oil and what consumers were forking out at the pump. Before lawmakers had a chance to review its findings, Democrats rushed through a price gouging bill this week.
In an announcement made Wednesday afternoon, Pelosi blamed Bush for the high price of gasoline by implying the President's unwillingness to sign the H.R. 1252, the Federal Price Gouging Prevention Act of 2007, would hurt Americans further.
"While the Bush administration would rather veto a bill and protect Big Oil than provide consumer relief, the House voted to impose a tough new federal law to investigate and punish those who are cheating America's families by artificially inflating the price of gasoline," said Rep. Pelosi.
President Bush has said that the House legislation amounts to price controls which would only inflate the cost of fuel further. Republicans agree and say the language of the price gouging bill is too vague to be properly enforced.
"Drivers are paying a heavy price for six years of the Bush administration's failed energy policies. Instead of investing in clean, domestic alternative fuels and renewable energy, Republicans lined the pockets of Big Oil, which was already making record profits. This has resulted in unprecedented dependence on foreign oil and record prices at the pump," Pelosi stated.
According to the latest EIA report, US stocks of gasoline rose 1.5 million barrels last week to 196.7 million, though still 11.8 million barrels below year-ago levels.
US supply levels have increased four-weeks in a row while daily gasoline production rose to 9.2 million barrels per day for the week ending May 18, 2007 compared to 9 million the prior week. Current daily production levels are 100,000 barrels per day more than year-ago gasoline production levels.
Daily gasoline imports fell last week to 1.295 million barrels per day, compared to 1.528 million bpd the prior week.
The average price of a gallon of regular gasoline was $3.21 per gallon in the week ending May 18, the government said.
The Lundberg survey released on May 20 reported that the record inflation-adjusted price was $3.15 per gallon, a level which their survey now exceeds. EIA previously had indicated that in real prices, the March 1981 average was $3.223 per gallon, but this was in 2006 dollars, not in today’s dollars. Recalculating in terms of May 2007 dollars, the monthly average price for regular gasoline in March 1981, using the price collected by the Bureau of Labor Statistics for March 1981 and adjusting for inflation by using the Consumer Price Index, is $3.292 per gallon. On this basis, the national average price for regular gasoline just published by EIA of $3.218 per gallon still lies below the real price peak, the government report said.
But consumers could care less. Over the last four weeks, the price of gasoline at the pump has gone up 11.5 percent and while refineries were up to a 91.5 percent production capacity, with the peak summer driving season starting next week, commodity traders are keeping the pedal to the floorboards, despite the EIA's shrugging off the price at the pump.
"This Memorial Day, American families and businesses are yet again paying record prices for gasoline. With high gasoline prices this year already costing consumers and our economy an extra $20 billion, families are feeling a serious drain on their pocketbooks," said Pelosi.
A recent poll suggests Americans are confused over why the price of gasoline has gone up. Americans may be surprised to find that some of what they think they know about oil consumption and U.S. oil reserves is incorrect.
http://www.axcessnews.com/index.php/articles/show/id/11080
A House Judiciary Committee launched an investigation into big oil companies and the spread between the price of crude oil and what consumers were forking out at the pump. Before lawmakers had a chance to review its findings, Democrats rushed through a price gouging bill this week.
In an announcement made Wednesday afternoon, Pelosi blamed Bush for the high price of gasoline by implying the President's unwillingness to sign the H.R. 1252, the Federal Price Gouging Prevention Act of 2007, would hurt Americans further.
"While the Bush administration would rather veto a bill and protect Big Oil than provide consumer relief, the House voted to impose a tough new federal law to investigate and punish those who are cheating America's families by artificially inflating the price of gasoline," said Rep. Pelosi.
President Bush has said that the House legislation amounts to price controls which would only inflate the cost of fuel further. Republicans agree and say the language of the price gouging bill is too vague to be properly enforced.
"Drivers are paying a heavy price for six years of the Bush administration's failed energy policies. Instead of investing in clean, domestic alternative fuels and renewable energy, Republicans lined the pockets of Big Oil, which was already making record profits. This has resulted in unprecedented dependence on foreign oil and record prices at the pump," Pelosi stated.
According to the latest EIA report, US stocks of gasoline rose 1.5 million barrels last week to 196.7 million, though still 11.8 million barrels below year-ago levels.
US supply levels have increased four-weeks in a row while daily gasoline production rose to 9.2 million barrels per day for the week ending May 18, 2007 compared to 9 million the prior week. Current daily production levels are 100,000 barrels per day more than year-ago gasoline production levels.
Daily gasoline imports fell last week to 1.295 million barrels per day, compared to 1.528 million bpd the prior week.
The average price of a gallon of regular gasoline was $3.21 per gallon in the week ending May 18, the government said.
The Lundberg survey released on May 20 reported that the record inflation-adjusted price was $3.15 per gallon, a level which their survey now exceeds. EIA previously had indicated that in real prices, the March 1981 average was $3.223 per gallon, but this was in 2006 dollars, not in today’s dollars. Recalculating in terms of May 2007 dollars, the monthly average price for regular gasoline in March 1981, using the price collected by the Bureau of Labor Statistics for March 1981 and adjusting for inflation by using the Consumer Price Index, is $3.292 per gallon. On this basis, the national average price for regular gasoline just published by EIA of $3.218 per gallon still lies below the real price peak, the government report said.
But consumers could care less. Over the last four weeks, the price of gasoline at the pump has gone up 11.5 percent and while refineries were up to a 91.5 percent production capacity, with the peak summer driving season starting next week, commodity traders are keeping the pedal to the floorboards, despite the EIA's shrugging off the price at the pump.
"This Memorial Day, American families and businesses are yet again paying record prices for gasoline. With high gasoline prices this year already costing consumers and our economy an extra $20 billion, families are feeling a serious drain on their pocketbooks," said Pelosi.
A recent poll suggests Americans are confused over why the price of gasoline has gone up. Americans may be surprised to find that some of what they think they know about oil consumption and U.S. oil reserves is incorrect.
http://www.axcessnews.com/index.php/articles/show/id/11080
