Gas Relief: Will The Federal Trade Commission Finally Do Their Job?
Posted: Friday, April 25, 2008
by Laura Trahan
My first grade son is doing a project on transportation in which he had to ask someone over 55 about how transportation has changed over the years. The sad news is that when his pawpaw was first driving gas was 15 cents a gallon. Even sadder is that when I first received my license it was 99 cents. The saddest news of course is that now it is approaching $4. I do not work with a single person who fills their tank up anymore. It is just not possible for a family to fill the tank of a car up anymore. I remember in high school being able to fill my tank for $10.
"In light of nationwide consumer concern about the record prices for oil and gas at the pump, we urge the Federal Trade Commission (FTC) to immediately initiate a rulemaking to implement the market manipulation authority mandated by Congress in the Energy Independence and Security Act of 2007 (P.L. 110-140)," Pelosi said in a letter to the Chairman of the FTC. "Congress provided this authority to the FTC four months ago -- but to date, the FTC has failed to exercise its power to protect consumers from skyrocketing energy costs. Recent price volatility and investor speculation in the oil market require the diligent oversight Congress called for, especially when oil prices break records daily, hitting $119 per barrel this week."
Pelosi feels the oil prices are being unfairly manipulated and the FTC should step in and do its job. "The Energy Independence and Security Act, which became law last December, directs the FTC to ensure that the U.S. petroleum market is free from price or supply manipulation," she wrote." Congress gave you the power to levy tough penalties against those who might seek to profit from such illegal activities. Utilized effectively, this new authority will substantially strengthen consumer protections against high energy prices. More importantly, vigorous enforcement will help lower and stabilize prices, increase market transparency, and provide Americans with confidence that retail gasoline and diesel prices are free from the influence of anticompetitive practices and the exercise of market power."
Pelosi is requesting that the FTC be more aggressive against those who manipulate the prices. I agree we need relief and we need relief fast. It is getting harder and harder to even feed our family. Prices in the grocery stores have increased tremendously do to the increase in gas costs for the delivery trucks.
The gas prices are effected every industry and individual and it is making things seem bleak for the future. If the FTC has some ability to offer relief, it is time for them to step up to the task. I can't imagine what summer will be like for families as the prices are predicted to go even higher.
I have seen it jump 30 cents in one week. That is absurd. There has to be some manipulation somewhere. American families are suffering and barely able to make ends meet as is now with the increase in food costs and gas costs. It is time to offer some relief. A tax rebate is not going to keep their cars filled up for long.
The sad truth is that for many, not driving isn't an option. Most Americans have a long commute into their jobs and if they are unable to afford that commute it could mean the end of their job. It is sad. It is a vicious circle.
As far as my son's project goes, he is seeing that although transportation has come a long way since the 1960's, it really hasn't. Many people did not even own a car, but the ones who did only had one. People today may be paying on or owning more than one car, but they still aren't able to drive because they can't afford to keep it filled. So much change to be right back where we were in the beginning.
It is time to step up FTC and do whatever is necessary to offer relief.
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Top-level comments on this article: (2 total)Laura without trying to sound patronizing I feel like you do and you say it well as you always do, but I have come to realize a long time ago, sort of an epthiny, these peolpe just do not have our inetrests in mind. When they say they hear our suffering it is not "our" suffering but those profit margins that went down. Their cronies and fellow haves whoa re gurting. Just ask where do the millions go? What actions do they always seem to be able to do immediately? When it comes to takingc are of their own they are right there for them. If a man can say outright "Money always trumps peace" a fact right out of our presidents mouth. If a man professes to be a leader but cannot unite even his own. If they have made their bed a long time ago, then why would we ask why? We already have the answer. You stated it quite well. It is in my opinion time we opened our eyes to it and did something. We have lost the Presidency no matter who gets in and the rest whwell if we elect them we deserve what we get and in my opinion we will get because it must come to be. As always with best wishes RTMThanks Robert for the comment! You make excellent points as always! I am praying for change!
I think that these current gas prices are ridiculous and only benefiting a certain few who are profiteering over the misery of many. How could such a small group of a few hold so much power over many?
This gas crisis is so out of hand, that I've resorted to drastic measures. Recently I converted my 04 Cadillac to utilize water as fuel from an easy to install kit, I obtained online from a company called Water4fuel.
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