Representing North Carolina’s Ninth District                                                                        

REP. MYRICK VOTES TO IMPROVE AMERICA’S OIL AND GAS INFRASTRUCTURE AND PREVENT PRICE GOUGING

(Washington, D.C.) – Today, US Representative Sue Myrick (NC-9) voted for H.R. 3893, the Gasoline for America’s Security (GAS) Act of 2005.  This bill will help increase gas capacity, streamline our fuel supply, provide transparency in gasoline pricing, provide stronger measures against price gouging, and expanding and revitalizing oil refineries.

“I voted for this bill because it improves our energy infrastructure when it comes to oil refineries and getting gasoline to the market.  It may not have an immediate effect on prices at the pump, but it will help us begin to address future energy prices, and will help us become less dependent upon foreign sources of energy,” said Rep. Myrick.  “This bill also creates the first ever federal ban on gasoline price gouging.  We will not allow the American people to be ripped off.  Anyone who gets caught price gouging will be severely punished.” 

Highlights of the GAS Act:

• The GAS Act seeks to lower gasoline prices within the market system  without resorting to price controls.
• The plan takes action to lower the cost of gasoline over the mid- and long-term, and addresses important national security concerns that we now face due to our increasing reliance on foreign oil.
• Specifically, the GAS Act:
    o   Encourages new refineries to increase supply and address soaring gasoline prices;
    o   Limits “boutique fuels” that have propped up gasoline process by artificially limiting supply;
    o   Promotes new pipelines to get new crude oil and refined product to consumers at lower prices;
    o   Bans price gouging in gasoline or diesel fuel sales; and
    o   Requires a Federal Trade Commission (FTC) study into credit card company processing fees, which may inflate consumer costs.
• In conjunction with the Energy Policy Act of 2005, the GAS Act addresses important issues to reduce our dependence on foreign sources of refined petroleum products and increase American production and conservation efforts.

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