(Host) Wednesday, Democrats in the Senate rolled out a bill targeting high gas prices.
Both of Vermont’s senators are firmly behind the bill, which targets record profits at oil companies.
Todd Zwillich has this report.
(Zwillich) The average price for a gallon of regular unleaded in Burlington was $3.66 Wednesday. That’s four cents above the national average, and fifty cents over Burlington’s average price a year ago.
Democrats are targeting public frustration over the price of gas. They introduced a bill Wednesday suspending corporate tax breaks for oil companies, and charging the companies a 25 percent windfall profits tax if they don’t invest in renewable energy.
Senator Bernie Sanders appeared with Democratic leaders to unveil the bill at a news conference.
(Sanders) “The American people are looking out, they’re seeing Exxon Mobil making more profits than any corporation in the history of the world. They’re seeing hedge fund managers making billions of dollars in personal profits. The time is now for this Congress to begin to respond to the needs of the American people, this package begins to do that.”
(Zwillich) The bill also applies American antitrust regulations to OPEC nations. The Senate has backed the regulations before, only to have it stripped away by the House. Senator Patrick Leahy is the author of the provision, which he calls No-PEC. Leahy acknowledged there is little evidence indicating how much an antitrust crackdown would save at the pump.
(Leahy) “The only way we’re going to find out how much it’ll lower prices is to do it. When prices go up, they go up in lockstep. As a former prosecutor, that tells me there’s collusion.”
(Zwillich) Leahy said today he would hold hearings on oil prices in the Senate Judiciary committee by the end of the month.
Republicans preempted the Democratic bill by introducing their own energy plan Wednesday. It calls mainly for increases in domestic oil and coal production. It includes a source of perennial controversy between the political parties…opening up the Arctic National Wildlife Refuge… or ANWR to drilling. Senate Republican Leader Mitch McConnell.
(McConnell) “Apparently the Democrats common sense plan isn’t working so well. In fact the general thrust of their plan is to increase taxes on energy companies, which would raise, not lower, gas prices.”
(Zwillich) Democratic leaders say they want to try to vote on the bill before Memorial Day. The Senate schedule is packed, and even if they do reach a vote, the gas prices bill is unlikely to become law. Republicans have pledged to try to block the bill, and President Bush said Wednesday, he opposes it.
For VPR News, I’m Todd Zwillich on Capitol Hill.