Kohl Legislation to Help Lower Gas Prices Promoted:
President Bush Asked to
Cap Excessive Oil Profits
MADISON, APPLETON (March 26, 2006) - Governor Jim Doyle has announced that over 106,000 citizens have signed his online petition urging the President and Congress to cap excessive profits by big oil companies. Governor Doyle also urged Congress and the President to repeal $10 billion in taxpayer subsidies to oil and gas companies and act on bipartisan legislation co-authored by Senator Herb Kohl and co-sponsored by Senator Russ Feingold that will promote competition between oil companies and stop them from manipulating prices.
"Middle-class families across Wisconsin are being squeezed at the pump, while big oil companies are reaping billions in record-setting profits," Governor Doyle said. "Today the people of Wisconsin are sending a clear message to Washington and to the boardrooms of big oil that these excessive profits have got to stop. Regular people need real relief and the way to do it is to cap the outrageous profits of oil companies, repeal these tax subsidies, and promote real competition."
Gasoline prices have topped $3-per-gallon in many parts of Wisconsin, and the average family is paying 72 cents more per gallon for unleaded gasoline than they were a year ago at this time. Oil company profits have skyrocketed nearly 200 percent since President Bush's inauguration in January 2001, while family incomes have increased by 14 percent.
Recently, ExxonMobil, which just became the largest corporation in the world, announced profits of over $8.4 billion since the beginning of the year. The entire industry reaps an average of over $300 million of profit per day.
Yesterday, Governor Doyle signed anti-price gouging legislation that gives the Governor the authority to declare a state of emergency during which price gouging can be investigated and punished.
Governor Doyle also urged Congress to act on legislation co-authored by Senator Kohl and Senator Arlen Spector (R-PA). The Oil and Gas Industry Antitrust Act of 2006 will promote competition and prevent oil producers and refiners from limiting supply to manipulate prices. The legislation will also establish that when a group of competing oil producers like the OPEC nations act together to restrict supply or set prices, they are violating U.S. law. This will authorize the Attorney General to file suit under the antitrust laws against these nations that are exploiting American consumers.
The Governor's petition can be seen at www.lowergasprices.wi.gov.
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