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.166728.2

HOUSE JOINT MEMORIAL 42

48

TH LEGISLATURE

- STATE OF NEW MEXICO -

FIRST SESSION

, 2007

INTRODUCED BY

Ben Lujan

A JOINT MEMORIAL

REQUESTING THE ATTORNEY GENERAL TO INVESTIGATE THE DISPARITY

BETWEEN THE PRICE OF GASOLINE AND DIESEL FUEL.

WHEREAS, the price and availability of diesel fuel is

important to New Mexico as it is the primary fuel for

semitrucks, delivery vehicles, buses, trains and farm and

construction equipment; and

WHEREAS, the cost of diesel fuel impacts the costs of

other goods and services and, therefore, it impacts New

Mexico's economy; and

WHEREAS, the average cost of diesel fuel in New Mexico has

declined by less than two percent, from two dollars sixty-two

cents ($2.62) per gallon to two dollars fifty-seven cents

($2.57) per gallon, over the last year while the average cost

of regular-grade gasoline has declined nearly twelve percent,

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.166728.2

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from two dollars thirty-seven cents ($2.37) per gallon to two

dollars twelve cents ($2.12) per gallon during the same time;

and

WHEREAS, the per gallon price of diesel continues to be

significantly higher then the price of gasoline despite the

fact that both are products of crude oil; and

WHEREAS, the disparity between the recent decline in

gasoline prices versus diesel prices can be perplexing to the

motoring public and can undermine confidence in the market,

leading many to believe the market is being manipulated; and

WHEREAS, the attorney general in 1999 concluded a six-year

investigation of the gasoline industry that, while unable to

prove illegal price-fixing, did result in an important judicial

precedent confirming the attorney general's ability to

investigate the industry;

NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE

STATE OF NEW MEXICO that the attorney general be requested to

investigate the disparity between the decline in gasoline

prices and the decline in diesel prices and the disparity

between the absolute prices in the two fuels; and

BE IT FURTHER RESOLVED that the attorney general be

requested to issue a report of the attorney general's findings

to the New Mexico legislature; and

BE IT FURTHER RESOLVED that a copy of this memorial be

transmitted to the attorney general.