PRINTER'S NO. 2003
No. 267 Session of 2008
INTRODUCED BY RHOADES, SCARNATI, ERICKSON, RAFFERTY, BOSCOLA,
ORIE, COSTA, TARTAGLIONE, WASHINGTON, LOGAN, FONTANA, FERLO,
PUNT, BAKER, KASUNIC, PILEGGI, MELLOW, WAUGH, ROBBINS,
D. WHITE AND PIPPY, MAY 1, 2008
REFERRED TO ENVIRONMENTAL RESOURCES AND ENERGY, MAY 1, 2008
A RESOLUTION
1 Urging the President and the Congress of the United States to
2 take action on behalf of the citizens of this Commonwealth
3 and of this nation to control exceedingly high gas and energy
4 prices.
5 WHEREAS, United States energy use is growing twice as fast as
6 United States energy production; and
7 WHEREAS, Since 2000, natural gas prices have risen 140% and
8 oil prices have risen 107%; and
9 WHEREAS, The cost of fuel has risen 3.6% above inflation over
10 the past 15 years; and
11 WHEREAS, More than 50% of this Commonwealth's citizens and
12 58% of this nation's households utilize natural gas, forcing
13 families with low incomes to spend 10% of their annual incomes
14 on energy costs; and
15 WHEREAS, The per barrel price of crude oil has, for the first
16 time, exceeded $110 as of March 17, 2008; and
17 WHEREAS, The five largest United States refiners earned $228
18 billion in profits between 2001 to 2005; and
1 WHEREAS, Some observers of energy commodities markets have
2 suggested that increases in crude oil prices have been caused by
3 speculation in the commodities markets, and not by the dynamics
4 of supply and demand; and
5 WHEREAS, In addition to controlling the increase in price
6 energy suppliers pass on to consumers, an additional solution to
7 this problem is to require a greater degree of transparency in
8 the commodities markets where crude oil is traded and prices are
9 set; and
10 WHEREAS, The General Assembly of the Commonwealth of
11 Pennsylvania is limited in its jurisdiction over this issue, as
12 it remains a Federal question; and
13 WHEREAS, The Congress is currently considering legislation
14 that could require a greater degree of transparency in the
15 energy commodities markets and that could have the consequence
16 of controlling future increases in the per barrel price of crude
17 oil and other energy sources; and
18 WHEREAS, This legislation, which has been approved by the
19 United States Senate and which is currently being considered by
20 a Senate-House Conference Committee, is designed to prevent
21 price manipulation on the energy commodities markets by
22 monitoring trading, to establish audit trails by collecting
23 information on trading activity and to increase transparency by
24 publishing trading activity on a daily basis; and
25 WHEREAS, This and other Federal legislation designed to
26 control energy price increases can have a positive impact on
27 Pennsylvanians who are struggling to pay the rising costs of
28 heating their homes and businesses; therefore be it
29 RESOLVED, That the Senate of the Commonwealth of Pennsylvania
30 urge the Congress to take action on behalf of the citizens of
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1 this Commonwealth and of this nation to control exceedingly high
2 gas and energy prices; and be it further
3 RESOLVED, That copies of this resolution be transmitted to
4 the President of the United States, each member of Congress from
5 Pennsylvania and the presiding officers of each State
6 legislature in the United States.
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