Ridgell's bill to cap 20 gas companies' profits referred back to committee
Senators met in session today, but only very briefly.
They were supposed to deliberate on Sen. Clynt Ridgell's bill which seeks to cap the profits on locally sold gasoline to 20 percent. Ridgell introduced the measure just last week following the latest spike in local gas prices. But lawmakers voted in favor of Sen. Joe San Agustin's motion to pull the measure back for now.
“Bill 320 I would actually recommend and I ask my colleagues that the bill be referred to committee so that we can have a full public hearing and get all the individuals that are involved in this bill to participate in that hearing," San Agustin said.
It has since been referred to San Agustin's committee. Ridgell had cited reports from the Center for American Progress about how big oil companies saw record-breaking quarterly profits that rose more than 300 percent.
He said that "it makes no sense that they're making such massive profits and are now asking for tax breaks." The legislature on Friday passed San Agustin's bill temporarily lifting the liquid fuels tax, and the oil companies have promised to pass on the savings to consumers. The measure is expected to be signed by Gov. Lou Leon Guerrero.