Running On Empty: Ferguson's Commitment to Fighting for Lower Gas Prices
Once Again, Congressman Mike Ferguson (R-NJ) has Failed New Jersey Families Struggling With Record High Gas Prices by Voting Against Anti-Gouging BillFor Immediate Release September 28, 2005

Running On Empty: Ferguson’s Commitment to Fighting for Lower Gas Prices

Once Again, Congressman Mike Ferguson (R-NJ) has Failed New Jersey Families Struggling With Record High Gas Prices by Voting Against Anti-Gouging Bill

$63,000 Oil and gas money taken by Mike Ferguson.

$2.87 Price per gallon of gas New Jersey families are paying today.

(Washington, D.C.) – Today, the second time this year, Congressman Mike Ferguson voted against cracking down on gas price gouging, even while the families he represents are struggling with the price at the pump. With news reports across the country focusing on the rising cost of gas and speculation that the recent hurricanes could bring prices higher, Ferguson shockingly opposed today’s effort to stop gas price gouging.

“Once again, Congressman Mike Ferguson has voted against a stop to gas price gouging and relief for New Jersey families. This stunning vote comes just a few months after Congressman Ferguson voted against immediate gas price relief and against a stop to gas price gouging. How many times is Ferguson going to abandon his district on the important issue of gas price gouging?� asked Bill Burton, communications director for the Democratic Congressional Campaign Committee. “While middle class families are paying more at the pump than ever, big oil companies are reporting more profits than ever. Again and again, Ferguson has chosen tax giveaways to big energy corporations over those he represents. It’s long past time that Ferguson actually represented families in New Jersey, not some of his biggest contributors in the oil industry.�

Today’s amendment in the Energy and Commerce Committee would give the Federal Trade Commission new authority to investigate and punish certain manipulative or abusive practices during any presidentially declared national or regional “energy emergency.� It would bar any party from selling crude oil, gasoline, home heating oil or other petroleum products at a price that is unconscionably excessive or which takes unfair advantage of the circumstances to increase prices unreasonably.

At the same time, today’s measure creates a new Strategic Refinery Reserve that builds on the highly successful Strategic Petroleum Reserve. The Refinery Reserve would provide the federal government with the ability to produce gasoline, home heating oil, or other refined petroleum products during an energy emergency.

Oil companies and refineries have already reported record profits this year. Consumers are frustrated that they are being forced to pay these higher prices at the same time that oil companies and refiners are enjoying record profits totaling tens of billions of dollars. The following companies reported the following earnings in the second quarter of 2005: ExxonMobil up 32 percent, to $7.62 billion; BP up 37 percent, to $5.84 billion; Shell up 35 percent, to $5.34 billion; ChevronTexaco up 12.8 percent, to $3.68 billion; and ConocoPhillips up 55 percent, to $3.10 billion.

Earlier this year…

Ferguson Voted Against Measure for Immediate Relief and a Stop to Gouging. This year, Ferguson voted against an energy plan that would bring immediate relief to consumers at the pump, increase the nation’s investment into renewable fuels and energy efficiency and crack down on price gouging. This vote was also against a measure that would have, directed the Federal Trade Commission and Attorney General to exercise vigorous oversight over the oil markets to protect the American people from price gouging and unfair practices at the gasoline pump. [H.R. 6, Roll Call #118, 4/20/05]

Ferguson Supported the Special Interest Energy Bill. This year, Ferguson voted to support an energy bill that was a giveaway to the special interests and energy corporations. The bill, largely a $14.6 billion package of tax breaks for huge energy corporations did nothing to provide short-term or long-term relief at the pump for American families who are currently paying record gas prices. [H.R. 6, Vote #445, 7/28/05]

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CONTACT: Bill Burton/Sarah Feinberg, (202) 485-3440