H 4720 Concurrent Resolution, By Knotts
 A CONCURRENT RESOLUTION TO MEMORIALIZE CONGRESS TO ACT QUICKLY TO INTRODUCE
 AND PASS EMERGENCY LEGISLATION TO SUSPEND THE FEDERAL EXCISE TAX ON DIESEL
 FUEL FOR A PERIOD OF FORTY-FIVE TO NINETY DAYS WHILE NEGOTIATIONS PROCEED WITH
 OPEC IN AN ATTEMPT TO END THIS CURRENT ESCALATION OF DIESEL FUEL PRICES AND,
 FURTHER, TO ACT INDEPENDENTLY OF AND IN CONCERT WITH THE PRESIDENT TO FIND
 LONG-TERM SOLUTIONS AND DETERRENTS TO THIS VOLATILE THREAT TO OUR ECONOMIC
 WELL-BEING.

   03/01/00  House  Introduced HJ-15
   03/01/00  House  Referred to Committee on Invitations and Memorial
                     Resolutions HJ-15

TO MEMORIALIZE CONGRESS TO ACT QUICKLY TO INTRODUCE AND PASS EMERGENCY LEGISLATION TO SUSPEND THE FEDERAL EXCISE TAX ON DIESEL FUEL FOR A PERIOD OF FORTY-FIVE TO NINETY DAYS WHILE NEGOTIATIONS PROCEED WITH OPEC IN AN ATTEMPT TO END THIS CURRENT ESCALATION OF DIESEL FUEL PRICES AND, FURTHER, TO ACT INDEPENDENTLY OF AND IN CONCERT WITH THE PRESIDENT TO FIND LONG-TERM SOLUTIONS AND DETERRENTS TO THIS VOLATILE THREAT TO OUR ECONOMIC WELL-BEING.

Whereas, the escalation of diesel fuel prices over the past eight months has added tremendously to operating costs and cut deep into already tight margins of many of this state's businesses and industries; and

Whereas, in that time, the cost of "off road" fuel has more than doubled for a gallon, "highway fuel" is up by fifty cents a gallon, and a tanker combination load is up from five thousand five hundred to nine thousand four hundred dollars; and

Whereas, there are many players influencing the current upward spiral of fuel prices, including the supplier of forty percent of the world's oil, OPEC, whose members have purposely reduced their production to drive up prices; and

Whereas, other influences have contributed to the increased prices, such as higher fuel oil consumption and increased demand due to the extreme cold weather in certain regions of the United States; and

Whereas, the possibilities of price-gouging or delivery system inefficiencies also need immediate attention; and

Whereas, Congress and the administration should work in concert to move rapidly to introduce national relief, if only on a temporary basis, and consider actions for lasting solutions to this current crisis and have measures in place so that future situations such as the current one can be dealt with in a timely and efficient manner; and

Whereas, Congress is respectfully asked to introduce and pass immediate emergency legislation to suspend the federal excise tax on diesel fuel for a period of forty-five to ninety days while negotiations are proceeding with OPEC; and

Whereas, Congress also should consider and promote these additional actions:

(1) The President should extend the current suspension of crude oil shipments into the Strategic Petroleum Reserve (SPR), and immediately release inventory from the SPR. This would send a signal to world markets and encourage a price drop.

(2) Attorney General Janet Reno should investigate allegations of price-gouging and market manipulation to determine if any incidences have occurred, and take all appropriate actions in response.

(3) Energy Secretary Richardson should work with foreign and domestic suppliers to ensure that minimum heating oil, diesel fuel, and gasoline inventories are adequate to meet peak demands with emphasis on specific regions that may have higher demands due to extreme weather. Additionally, he must take strong diplomatic steps to encourage OPEC and other oil producing nations to enhance production.

(4) Congress must give the President clear legislative authority to (a) draw down the SPR when oil and gas prices rise sharply because of anticompetitive activity, and (b) replenish the SPR when markets stabilize.

(5) Review the fuel distribution network to ensure it is adequate and effective. Now, therefore,

Be it resolved by the House of Representatives, the Senate concurring:

That the members of the South Carolina General Assembly hereby memorialize Congress to act quickly to introduce and pass emergency legislation to suspend the federal excise tax on diesel fuel for a period of forty-five to ninety days while negotiations proceed with OPEC in an attempt to end this current escalation of diesel fuel prices and, further, to act independently of and in concert with the President to find long-term solutions and deterrents to this volatile threat to our economic well-being.

Be it further resolved that a copy of this resolution be forwarded to the United States Senate, the United States House of Representatives, and to each member of the South Carolina Congressional Delegation.