Ny Senate Committee On Investigations Launches Investigation Into Soaring Gas Prices On Corporate, Retail Level

Thomas P. Morahan

Senator Thomas P. Morahan (R-C, New City) announced that on Wednesday, September 14, 2005, the New York State Senate Committee on Investigations held a hearing, on rising oil prices in the State of New York. The Senator noted that the committee had invited major oil companies, local retailers, the Attorney General’s Office, representatives from the business community, and other parties involved with the pricing of gasoline to testify at the hearing, which took place in New York City.

"Gas prices in my district have soared to beyond $3.89 per gallon at the pump. We need to ascertain whether the problem lies at the corporate level with oil refineries, or the local level with gas taxes," said Senator Morahan.

According to the Oil Price Information Services, the Northeast States will see a larger jump in prices due to our dependence of Gulf Coast Oil. The Colonial Pipeline, shut down temporarily due to Hurricane Katrina related outages, pumps millions of gallons of fuel which eventually end up in New York.

The Senate Investigation committee is considering four ideas for cutting future energy costs including:

A proposal for a shortened work week during times of energy emergencies in order to save fuel costs;

A zero tolerance policy for price gouging during times of emergency;

A proposal for a sales tax cap on gasoline;

A proposal for implementing the President’s Energy Policy Act, which will extend Daylight Savings Time by four weeks, immediately, rather than in March, 2007;

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