Smith, who is the Chairman of the House Subcommittee on Research, has been working on energy issues since serving on the Presidential Oil Policy Commission during the Arab oil embargo in the 1970s. PMAA has contacted Senator Stabenow to discuss her concerns. Levin is scheduled to take over as chairman of the Senate Permanent Subcommittee on Investigations when Congress reconvenes next week. The oil companies need to explain why gas prices have increased so dramatically, given that has been no comparable increase in the per barrel cost of oil to them. That is simply not how it works in the real world.
Prices go up and down because of supply and demand.
The House vote was 240-154. The Senate vote was 58-33. Detailed information about the bill was made available to state association executives earlier this week. PMAA applauds the Bush Administration and Congress for tackling tax reform, in particular the efforts to slash top tax rates and to repeal the estate tax. However, PMAA is anxious to continue to review a detailed analysis of the bill.