Years of federal policy that has allowed the big oil corporations and Wall Street traders to profit at the expense of the family budgets of ordinary Americans are coming to fruition with the unjust and massive increases in gasoline and oil prices we are experiencing. We need reforms in federal policies to reign in the excesses of Wall Street and the big oil corporations in order to bring prices down.
Even though the causes of this crisis are a federal issue, I wanted to take action to help people. That is why I voted to approve Public Act 08-2.
This legislation does several things. It stops major oil companies from using their franchise agreements to block local gas stations from offering to customers who pay in cash, rather than credit. The Attorney General says these discounts could save people 10 to 12 cents per gallon. This legislation also cancels the half percent increase to the gross receipts tax paid by oil companies that was scheduled to take effect July 1st.
In addition to rising gasoline prices, heating oil costs are going up. This raises the concern that people will have trouble paying for heating oil next Winter. That is why this legislation also authorizes the immediate release of $2.5 million from the Oil Conservation Fund, which can be used for the purchase of new, energy efficient boilers.
Hopefully, legislation under consideration at the federal level to reign in speculators on Wall Street who are driving up oil prices. But, either way, I hope that the legislation we approved here in Connecticut offers some relief.
Even though the causes of this crisis are a federal issue, I wanted to take action to help people. That is why I voted to approve Public Act 08-2.
This legislation does several things. It stops major oil companies from using their franchise agreements to block local gas stations from offering to customers who pay in cash, rather than credit. The Attorney General says these discounts could save people 10 to 12 cents per gallon. This legislation also cancels the half percent increase to the gross receipts tax paid by oil companies that was scheduled to take effect July 1st.
In addition to rising gasoline prices, heating oil costs are going up. This raises the concern that people will have trouble paying for heating oil next Winter. That is why this legislation also authorizes the immediate release of $2.5 million from the Oil Conservation Fund, which can be used for the purchase of new, energy efficient boilers.
Hopefully, legislation under consideration at the federal level to reign in speculators on Wall Street who are driving up oil prices. But, either way, I hope that the legislation we approved here in Connecticut offers some relief.
