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H. 5092
STATUS INFORMATION
House Resolution
Sponsors: Reps. Ott, Coates, Altman, Anthony, Bailey, Barfield, Brady, Breeland, J. Brown, Clark, Dantzler, Funderburk, J. Hines, Hodges, Hosey, Howard, Jefferson, Kirsh, Leach, Limehouse, Littlejohn, McCraw, Miller, Owens, Rice, Scarborough, Sinclair, J.R. Smith, Talley and Umphlett
Document Path: l:\council\bills\nbd\12505ac06.doc
Companion/Similar bill(s): 5011
Introduced in the House on May 4, 2006
Adopted by the House on May 4, 2006
Summary: Gasoline
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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5/4/2006 House Introduced and adopted HJ-88
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO EXPRESS THE SENTIMENT OF THE HOUSE OF REPRESENTATIVES OF THE STATE OF SOUTH CAROLINA THAT THE EVER INCREASING EXORBITANT PRICES OF GASOLINE AND OIL PRODUCTS MAY CONSTITUTE PRICE-FIXING OR UNFAIR OR UNLAWFUL PRICE GOUGING AND TO REQUEST THE UNITED STATES ATTORNEY GENERAL OF THIS STATE TO INVESTIGATE WHETHER OR NOT VIOLATIONS OF LAW HAVE OCCURRED.
Whereas, over the past year the price of gasoline at the retail pumps has increased by as much as one dollar per gallon and has almost doubled in price since 2003; and
Whereas, in the small State of South Carolina at the price of close to, and now often exceeding, three dollars per gallon for gasoline, this costs our state's citizens approximately six billion dollars per year; and
Whereas, during the past year the increase per gallon in the retail price of gasoline has cost South Carolina consumers close to two billion dollars and has placed an inordinate burden on small businesses; and
Whereas, the cost of gasoline is taking dollars out of South Carolina that are desperately needed to educate our children, build highways, and improve our state's economy; and
Whereas, although many factors impact the price of gasoline at the pump, including the price for crude oil, the demand for gasoline and oil in China and other developing markets, and the uncertainty of supply, a study commissioned by the Foundation for Taxpayer and Consumer Rights found that in one state "corporate markups and profiteering are responsible for spring price spikes, not rising crude oil costs", which the foundation's president states are rising far more slowly than gasoline prices; and
Whereas, although many theories abound, it is generally not disputed that profits relative to invested capital are off the charts and that some oil companies are reporting their highest ever profits for the first quarter of this year; and
Whereas, the House of Representatives of the State of South Carolina believes that this unacceptable situation should be immediately investigated to ensure that only legitimate market forces are at work in regard to these increases. Now, therefore,
Be it resolved by the House of Representatives:
That the members express the sentiment of the House of Representatives of the State of South Carolina that the ever increasing exorbitant prices of gasoline and oil products may constitute price-fixing or unfair or unlawful price gouging and request the United States Attorney General to investigate whether or not violations of law have occurred.
Be it further resolved that a copy of this resolution be forwarded to the United States Attorney General and to each member of the South Carolina Congressional Delegation.
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