LANSING – With record-high gas prices looming, State Representative Dudley Spade (D-Tipton) today threw his support behind a resolution calling on the federal government to back a cap on excessive oil company profits. The resolution follows efforts by Gov. 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.
"Our working families in Lenawee County and throughout Michigan are having a tough time filling their gas tanks because gasoline costs $3 or more per gallon," Spade said. "I'm calling on Congress to change the direction of these soaring gas prices. Our economy depends largely on the auto industry and Michigan is feeling the pain as billion-dollar oil companies rake in record profits."
Spade pointed out that the resolution also is meant to help our local gas station owners, who are struggling with high costs, as well.
"Our gas station owners in Lenawee County are feeling the economic hit, too, because of the rising gas prices. Enough is enough. Our businesses are hurting, our families are hurting and our economy is hurting. Congress must take a stand against the oil corporations and provide some relief at the pump for Michigan residents."
Spade noted that oil prices have increased 240 percent since 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.
"Congress has the power to investigate this massive profiteering and create laws that will refund excess profits to consumers," Spade said. "I am calling on the Legislature to back this resolution and fight for lower gas prices."