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Senate approves Pryor's gas-price gouging legislation Friday, Sep 16, 2005 By Alison Vekshin Stephens Washington Bureau WASHINGTON -- The Senate passed an amendment by Sen. Mark Pryor, D-Ark., that calls for a federal investigation of gasoline pricing. The measure calls on the Federal Trade Commission to determine if rising gas prices are being manipulated by suppliers and distributors, particularly in the wake of Hurricane Katrina. "There are a lot of questions about the pricing of gas right now," Pryor said. "I'm not accusing anyone of doing anything wrong. But I think Congress should exercise its oversight." Pryor's amendment was attached to an annual spending bill that funds science-related programs and the State, Justice and Commerce departments in the fiscal year beginning Oct. 1. The Senate passed it Thursday, 91-4. Pryor said he worked to relieve concerns by Sen. Pete Domenici, R-N.M., chairman of the Senate Energy and Natural Resources Committee. "He wanted to make sure that we were not being unfair to the oil industry -- that we weren't trying to blame them for something they haven't done wrong," Pryor said. "Our language is very neutral," Pryor said. "We're not saying there is price gouging." The legislation requires the commission to provide an initial report to Congress within 30 days, with updates every 30 days afterward and a final report no later than 90 days after enactment of the legislation. If there are findings of wrongdoing, Congress would have a series of hearings that could lead to legislation or would prompt the industry to change its business practices, Pryor said. Pryor, a former Arkansas attorney general, recalled discovering cases of price gouging by the state's gas stations in 2001. "It's time for Congress to really get inside this issue to investigate what's going on in our petroleum markets," he said. -- 30 -- |
