Washington, D.C. - Mr. Speaker, I rise in strong opposition to HR 3893, which in many ways is little more than a hastily assembled -- and opportunistically revived -- retread of discarded ideas from past energy debates.
Mr. Speaker, our constituents are asking for transparency in markets and price relief at the pump. So what does this bill do?
Rather than empowering the FTC to launch an aggressive investigation into recent reports of market manipulation, this legislation actually reduces the maximum penalty for price gouging from $11,000 per incident to $11,000 per day. So much for strengthening transparency and deterrence.
Instead of ensuring additional refining capacity, this bill blames and then proposes to eliminate key provisions of the Clean Air Act – as if public health protections are the barrier to additional refining capacity. They are not. The Government Accountability Office (GAO) has concluded -- and industry representatives concede -- that the decisive factor is economics. Indeed, far from cheering this legislation, Attorneys General from across the nation are sounding the alarm that HR 3893 will cripple states’ ability to meet basic clean air standards for our citizens.
Finally, not content to relieve industry of its environmental obligations, HR 3893 extends the gravy train begun several months ago by lavishing oil companies with an additional $1.5 billion over and above the $4 billion they just received under the last energy bill. This -- during a time of record deficits and industry profits.
Mr. Speaker, we do indeed have an energy crisis in this country – one that cannot begin to be solved by the kind of special interest wish list being passed off as legislation today. In the near term, we need to restore confidence and transparency to the marketplace by taking decisive steps to punish and deter market manipulation where necessary. Next, it is imperative we make long overdue improvements in automobile fuel economy while diversifying our fuel mix to include alternatives like cellulosic ethanol and biodiesel. Finally, we need to invest in the next generation of 21st century technologies that create jobs, protect the environment and move us towards energy independence.
I ask my colleagues to embrace that vision and to oppose this bill.