Californians have watched the steady climb of gasoline prices to an all-time high this year.  Meanwhile, oil companies continue to report massive, record-breaking profits. The Senate recently took action to stabilize prices and protect Americans from price gouging.

The Senate’s action came on a vote to temporarily halt oil deposits to the Strategic Petroleum Reserve.  This action promises to put more oil on the market and help ease rising gas prices as we enter the summer driving season.  With prices at the record level, adding to the Reserve is also a costly proposition for the federal government.

Additionally, I am co-sponsoring S.2991, the Consumer-First Energy Act of 2008. This important bill would impose a windfall profits tax on oil companies to discourage price gouging and to help consumers offset the high costs of energy products, punish any country or company colluding in setting the price of oil, and limit excessive speculation in oil markets.  It also includes a provision based on legislation I authored that would require the Federal Trade Commission to investigate possible manipulation of gasoline prices any time prices rise rapidly.

Americans deserve better than oil companies that gouge consumers in order to make huge profits. You can count on me to keep fighting to help Americans enjoy fair and reasonable energy prices.

Sincerely,

Barbara Boxer
United States Senator