House to Debate Several Energy Proposals
House Speaker Nancy Pelosi has announced that the lower chamber of Congress will consider several pieces of legislation targeted at oil companies, energy markets, and transportation.
- Reducing Transit Fares (H.R. 6052) – Gives grants to mass transit authorities to lower fares for commuters pinched at the pump and expand transit services.
- Cracking Down on Price Gouging – Gives enforcement authority to the Federal Trade Commission to investigate and punish those who artificially inflate fuel prices, similar to legislation passed last year.
- Closing the Enron-like “London Loophole” for Petroleum Markets – Takes steps to curb excessive speculation in the energy futures markets, which experts have noted is driving up the price of a barrel of oil.
- “Use It Or Lose It” for Oil Companies Holding Permits and Not Drilling – Compels the oil industry to start drilling or lose permits on the 68 million acres of undeveloped federal oil reserves which they are currently warehousing, keeping domestic supply lower and prices higher.