LANSING – With record-high gas prices looming, State Representative Joel Sheltrown (D-West Branch) will throw his support behind a resolution calling on President Bush to back a cap on excessive oil company profits. The resolution follows efforts by Sheltrown to sound the alarm about the way the price of gas is punishing working families and harming an already struggling auto industry.
"The big oil companies are raking in billions of dollars in profits as our residents struggle to fill their gas tanks week after week," Sheltrown said. "Our economy is taking a beating and our working families are barely getting by. It's clear that the status quo isn't working for our residents in northern Michigan. It's time for Bush and our leaders in Congress to stand up for working families and give them a break at the pump."
Sheltrown pointed out that the resolution also aims to help local gas station owners, who are struggling with high costs, as well.
"Many of our gas stations are locally owned by hard-working people who live in our communities," Sheltrown said. "When oil prices hit the ceiling, they feel the pain as much as motorists."
Sheltrown noted that oil prices have increased 240 percent since 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.
"I've personally written to the President, asking for relief from sky-high gas prices," Sheltrown said. "He has the power to ask Congress to investigate energy profiteering, it's just a matter of whether or not he has the will. I am working hard to stand up for the people of northern Michigan and all of Michigan's residents. I urge President Bush and my colleagues in the Legislature to do the same."