04.28.08

Maria's Monday Memo

Investigating Fraud in the Oil and Gas Markets
 
Last week, Congressman Jay Inslee (D-WA-01) and I called for the creation of an Oil and Gas Market Fraud Task Force at the Department of Justice to root out potential fraud and manipulation in these critical markets.  We sent a letter to President George W. Bush and Attorney General Michael Mukasey urging the new task force be created immediately. With record gas prices dragging our economy into a recession and $120 per barrel cost of oil that can’t be explained by historic market forces, a new Enron-style Task Force should be created to examine abnormalities in the oil and gas markets. The Department of Justice stepped in to help investigate Enron’s manipulation of electricity prices, now it needs to step up and investigate potential corruption in oil and gas markets.
 
Energy market experts and the oil companies themselves have told us that current prices don’t make sense.  An executive from Exxon Mobil testified earlier this month before Congress under oath that the price of oil should be $50 to $55 per barrel based on supply and demand fundamentals.  In October 2007 the CEO of Marathon Oil, Clarence Cazalot Jr. said, "$100 oil isn't justified by the physical demand in the market," he said. "It has to be speculation on the futures market that is fueling this."
 
 
Equal Pay For All is a Must
 
Last week, I was outraged over Republican leadership's blockage of legislation to address pay equity for women.  Although Congress passed the original Equal Pay Act in 1963, today, women make only 77 cents for every dollar made by a man.  The United States Senate is currently considering numerous pieces of legislation that would give all employees a better shot at a fair workplace, making it easier to ensure justice for those who have been discriminated against based on sex, race, ethnicity, religion, disability, and age. By a vote of 56-42, the Senate was unsuccessful in moving toward debate on the Lilly Ledbetter Fair Pay Act. I will continue working to ensure women earn equal pay for equal work; our children need to grow up in a world where they are confident the paycheck they will receive is fair and equitable.
 
For nearly 20 years, Lilly Ledbetter worked as supervisor at the Goodyear tire plant in Gadsen, Alabama.  Although Ledbetter initially received a salary similar to the salaries paid to her male colleagues, a pay disparity developed over time.   Ledbetter didn’t know about the inequity until, close to her retirement, she received an anonymous note informing her of the pay discrimination. Seeking to rectify this injustice, Ledbetter sued Goodyear.  A jury found that Goodyear had discriminated against Ledbetter, and awarded her more than $3 million in damages, but the United States Supreme Court determined her claim was time barred because she had failed to file within 180 days of the original discriminatory action.  The Fair Pay Act would have clarified that the time limit for suing employers for pay discrimination begins each time they issue a paycheck and is not limited to the original discriminatory action. There is simply no way that Lilly Ledbetter could have looked at her paycheck and known she had been discriminated against.  Congress made sure an identity theft victim retained their right to file a claim when they became aware their identity was stolen.  Congress should have stepped up today to ensure that a victim of discrimination is not barred from seeking justice because she didn’t, and couldn’t, know her pay was inequitable.
 
 
The 38th Anniversary of Earth Day
 
We only have one planet and we need to cherish, protect, and appreciate its natural beauty everyday, not just for our daily lives, but for the sake of generations to come. We need to make it our mission to leave the earth in better shape than we found it. For those of you who have seen my state, the beautiful rainforests, Mount Rainier, or an Orca whale jumping out of the ocean from the San Juans, we must preserve this beauty for generations to come.
 
I am very proud that we passed the 2007 Energy Bill, which was the first comprehensive energy bill putting the environment first. The energy bill raises fuel efficiency standards for the first time in more than two decades, strengthens the market ethanol and biodiesel from non-food feedstocks, and by 2030 will displace the equivalent of one-third of our foreign oil needs. All told, this energy bill will decrease our nation’s greenhouse gas emissions by over 5 billion tons by 2030.  Most recently, I have been fighting to extend clean energy tax credits that will continue our nation’s transition to cleaner energy resources and more energy efficient technologies.  We are taking great steps, and making real changes to protect our planet, and I will remain committed to protecting our environment.
 
 
Helping Women Break the Million-Dollar Barrier
 
As a business woman myself, and the fact that women own nearly half of the businesses in the U.S., I am proud to address the critical importance of women owned businesses, and the impact women owned businesses have on a thriving economy. I am thrilled to be the honorary host of the Northwest Make Mine a Million $ Business program, along with my colleagues Senators Patty Murray (D-WA), Ron Wyden (D-OR) and Jon Tester (D-MT) to support and recognize women business owners in the Northwest. Make Mine a Million $ Business award program, created by Count Me in for Women’s Economic Independence gives women the money, mentoring and marketing tools women can use to break this million-dollar barrier. While women own 10.4 million businesses in the US, only 3% have revenues greater than one million dollars. Growing women owned business is a critical component of economic growth in Washington state and across the nation. I encourage anyone interested in growing their business to apply to this innovative program.
 
Governor Christine Gregoire will kick-off the day as hundreds of women business owners gather on June 11 at the Seattle Center Fisher Pavilion.The award program application deadline is May 14.
 
For more info about the program and how to apply online go to http://makemineamillion.org/site/.
 
 
 
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