Campaign 2010

Aug 07, 2006

Gas Prices Soar on Energy Bill Anniversary

DCCC Press

Aug 7, 2006

Gas Prices Soar on Energy Bill Anniversary

New Fears of Higher Prices Come on Anniversary of Energy Bill Signing

“The Republican view of energy alternatives is sending billions to ExxonMobil instead of BP. It’s time for a new direction because a year has passed and while big oil gets richer, all we’ve gotten from the energy bill are thinner wallets,” said Bill Burton, communications director of the Democratic Congressional Campaign Committee. “This special interest legislation has done nothing to lower the prices we pay at the pump but it did send billions to an industry posting historic profits. There is a cost to American families for the misplaced priorities of the Republican Congress and the energy bill clearly shows how they consistently put the special interests ahead of American interests.”

President Bush at the Energy Bill Signing: “This bill launches an energy strategy for the 21st century and I’ve really been looking forward to signing it.” [AP, 8/8/05]

Headlines One Year Later:

  • “Americans expect high gas prices” [Detroit Free Press, 8/7/06]
  • “Gas Prices Going Up” [KGBT Texas, 8/7/06]
  • “Gas prices break records in Twin Cities” [KARE Minnesota, 8/7/06]
  • “Stock futures fall as oil price jumps” [Reuters, 8/7/06]
  • “Stocks Are Down on Oil Concerns” [AP, 8/7/06]

$63 Price per Barrel of Oil August 8, 2005

$76 Price per Barrel of Oil Today

$2.32 Price per Gallon of Gas August 8, 2005

$3.04 Price per Gallon of Gas Today

$9.2 million Amount From Big Oil to Republicans in 2006 Cycle

$2.6 billion Amount in Giveaways to Big Oil in Energy Bill

$10.36 billion ExxonMobil Profits 2nd Quarter 2006

(Washington, D.C.) – Today, as news breaks about the shutdown of a major oil field in Alaska and fears of rising oil and gas prices, American families could once again face even steeper prices at the pump. Tomorrow is the one-year anniversary of the signing of the special interest energy bill and gas prices, oil prices and oil company profits have never been higher. President Bush said at the time of the bill signing that this legislation was not going to fix problems overnight, but in the last year, things have gotten worse. The Bush administration along with the Rubber Stamp Republican Congress has consistently sided with the special interests, and in the case of this legislation, big energy companies. The energy bill, which contains billions in taxpayer-funded giveaways to energy special interests, sends $2.6 billion to big oil alone. After rubberstamping the energy bill, the Republican Congress followed by voting against cracking down on gas price gouging. It’s time for a new direction instead of the misplaced priorities of the Republican Congress that sends billions to big oil and does nothing for soaring gas prices.

Republicans Voted For A House Energy Bill That Sent Billions to Big Oil. In voting for the energy bill, Republicans in Congress supported a measure that did nothing to lower gas prices and gave short shrift to energy efficiency and renewable fuels all while sending $2 billion in giveaways to the oil and gas industry. [HR 6, Vote #132, 4/21/2005; ,u>New York Times, 4/22/05; Sacramento Bee, 4/22/05; Boston Globe, 4/22/05]

Republicans Opposed Cracking Down on Price Gouging & Lowering Gas Prices. In 2005, Republicans in Congress voted three times against measures to provide the Federal Trade Commission with new authority to investigate and prosecute those that engage in predatory pricing, from oil companies on down to gas stations, with the emphasis on those who profit the most. This included price gouging of gasoline and natural gas, home heating oil and propane. [HR 3893, Vote #517, 10/7/2005; HR 3893, Vote #518, 10/7/2005; HR 3402, Vote #500, 9/28/2005]