WASHINGTON, DC - In an effort to push for stronger consumer protection measures that will prevent American motorists from getting price gouged at the gas pump this summer, U.S. Senator Jack Reed (D-RI) today joined with Senator Maria Cantwell (D-WA) in introducing legislation to impose stiff fines and strict criminal penalties against price gouging in petroleum markets. The Petroleum Consumer Price Gouging Protection Act would help ensure greater market transparency and would allow federal regulators to go after market manipulation of oil and gas prices. On April 30, 2007 AAA Southern New England reported that the average price in Rhode Island for a gallon of self-serve, regular unleaded gasoline is $2.899 per gallon, eight cents more than last week. This is the 11th consecutive week that gas prices have risen in Rhode Island. "The average price of gas has increased more than 100% over the course of the Bush presidency, and prices are projected to continue rising," said Reed. "The financial strains caused by soaring gas prices hurt workers and the economy. Travel costs, tourism costs, even shipping costs are adversely affected by high fuel prices. The Bush Administration must act more aggressively to crack down on price fixing and manipulative practices in wholesale petroleum markets to help ease the burden facing our nation." The Petroleum Consumer Price Gouging Protection Act would give the President authority to declare national energy emergencies and subject price gougers to new fines and criminal penalties. Under the law, criminal penalties could be assessed up to $1 million and five years in prison and civil penalties could be assessed from $500,000 up to $5 million. "The Bush Administration has failed to come up with a comprehensive energy policy. We need to act now in order to prevent drivers and families from getting price gouged at the gas pump this summer," said Reed. "We must also provide some degree of protection during any future oil crunches." The Petroleum Consumer Price Gouging Protection Act would empower the Federal Trade Commission (FTC), an independent regulatory agency, to conduct investigations and fine companies for price gouging. The specific definition of price gouging would be determined through FTC rulemaking. Currently, there are no federal laws on the books that address price gouging for oil and gas. "I look forward to working with Senator Cantwell to pass this legislation," concluded Reed. "Passing this bill will be a good first step. We also need a comprehensive, national energy strategy that truly helps Americans reduce dependence on Middle East oil and increases energy conservation. To accomplish this goal we need to increase the fuel efficiency of our cars and light trucks and raise our Corporate Average Fuel Economy (CAFE) standards. I will continue pressing the Bush Administration on these critical issues."