In response to the nation’s rising gas prices, Rep. Dutch Ruppersberger will present the Energy Fraud, Fairness and Reform Act to Congress today. Under Ruppersberger’s proposal, big oil companies will be investigated to determine if they are intentionally defrauding consumers.

Said Ruppersberger: “With oil companies posting record profits, there’s too much temptation for fraud and abuse unless we have vigilant government watchdogs looking out for consumers. The marketplace has gotten out of balance, and the laws of supply and demand are being manipulated by speculators.”

It’s admittedly been awhile since I cracked open an economics textbook, but I have to wonder if the market is out of balance because Americans continue to demand oil (a nonrenewable resource, remember?) with no regard to its limited and depleting supply. In any case, I guess a fraud investigation can’t hurt.

The study will investigate whether companies are intentionally not building new oil refineries in order to keep consumer prices high, as well as if they have taken federal money earmarked for exploration and done nothing with it.

The Act would also give tax breaks to drivers of hybrid vehicles. Ruppersberger recently bought himself a hybrid GMC Yukon. Explaining his choice of an SUV instead of a smaller hybrid, Ruppersberger said: “…I’ve had an SUV the past 15 years. I’m a big guy, I’m on the road in a lot of bad weather, and it’s a functional vehicle for me.”

Results of the investigation are not expected until late fall. By then, who knows how much a gallon of gasoline will cost. In the meantime, will additional tax breaks encourage you to buy a hybrid? Or are you holding out hope that the high prices are all big oil’s fault?

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