LANSING – With record-high gas prices looming, State Representative Marie Donigan (D-Royal Oak) will introduce a resolution calling on President Bush to back a cap on excessive oil company profits. The resolution follows efforts by Governor Jennifer M. Granholm to sound the alarm about the way the price of gas is punishing working families and harming an already struggling auto industry.
"When people have to pay $3 or more per gallon of gas, it affects how often they drive and even whether or not they purchase a car," Donigan said. "Michigan's economy is getting hammered by skyrocketing gas prices as billion-dollar corporations make money hand over fist. The status quo isn't working for working families. It's time for President Bush and other Washington leaders to stand up to these corporations and offer the people of Michigan some relief at the gas pumps."
Donigan points out that the resolution also is meant to help our local gas station owners, who are struggling with high costs, as well.
"A vast majority of Michigan gas stations are locally owned and operated," Donigan said. "When the price of a barrel of oil shoots past the $70 mark, they're hurting, too."
Donigan noted that oil prices have increased 240 percent since President Bush, a former oil executive, was inaugurated in January 2001. The average price for unleaded gasoline is 64 cents higher than this time last year. Those increases have come despite Exxon Mobile reporting a $36.1 billion profit, making it one of the most lucrative corporations in the world – larger than the next four companies on the Forbes 500 list combined.
"The President has the power to ask Congress to investigate energy profiteering and pass legislation to refund excess oil profits to consumers," Donigan said. "We're tired of an administration that puts the interests of its big-money friends ahead of American citizens. I'm asking my fellow lawmakers to support this resolution to bring down the sky-high price of gasoline."