Contact: Dan Doyle
March 28, 2012
With the threat of gasoline costing $5 a gallon this summer, Senator Ed Meyer (D-Guilford) joined his colleagues in passing a proposal that will help provide relief at the pump and protect consumers from profiteering and price gouging by big oil wholesalers.
The Democrats’ plan strengthens protections against price gouging, cracks down on oil profiteering, places a circuit breaker on the gross receipts tax, and requires that savings are passed along to consumers.
A former federal prosecutor, Senator Meyer said the most important part of the legislation is the provision that fights price gouging.
“The crux of this legislation is that it protects consumers from predatory price gouging,” Senator Meyer said. “It is unacceptable for big oil companies to artificially inflate oil prices to boost their own profits while at the same time burdening consumers with sky-high gas prices.”
Senator Meyer pointed to the 40 cent (15 percent) increase in gas prices in the last 90 days despite oil production within the U.S. being at its highest level in eight years with the largest five oil companies making a record-high profit of $137 billion in 2011.
The Democrats’ proposal:
Vice-Chair: Government Administration & Elections
Legislative Office Building
Hartford, CT 06106-1591
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