“Democrats know inflation is hurting Americans and unlike Republicans, are committed to working to lower everyday prices, including at the gas pump. I know my constituents are feeling the pain as they are forced to pay more to travel where they need to go.
When gas prices are high, it is an expensive burden that Americans have to shoulder every time they go to and from work, pick up their kids from school or go to the grocery store. While the causes for these higher prices are many, including Russia’s ongoing unjustified invasion of Ukraine, it’s unacceptable for any oil companies to exploit this moment to hurt consumers even as they rake in big profits.
Instead of boosting production including on the thousands of federal oil leases that they currently own but are not utilizing, it appears that these oil companies would rather enrich their shareholders through stock buybacks.
The Consumer Fuel Price Gouging Prevention Act would grant the president the power to issue an emergency energy proclamation outlawing the sale of consumer fuels – including gas – at artificially high prices during that emergency period. It would boost the Federal Trade Commission’s (FTC) authority to oversee the energy market and penalize bad actors manipulating the market, improving transparency and fair competition. The FTC is the federal consumer protection agency tasked with protecting consumers and promoting competition. Importantly, the bill contains protections for independently owned gas stations that are passing along higher costs imposed on them. Among other provisions, the bill would require the Federal Trade Commission to determine if the price of gasoline is being manipulated by the industry reducing refinery capacity or by any other form of market manipulation or artificially increased by price gouging practices. It would also require the FTC to protect the public interest by monitoring fuel markets in order to facilitate transparent and competitive market practices.”
Read more on the Consumer Fuel Price Gouging Prevention Act here.