Today, Congresswoman Debbie Dingell (MI-12) voted in support of H.R. 7688, the Consumer Fuel Price Gouging Prevention Act, legislation to crack down on price gouging by Big Oil companies that result in higher prices at the pump.
“While families are struggling to fill their cars with gas, Big Oil companies have kept their production low in order to rake up record profits,” said Dingell. “There is no denying this is price gouging, and the American people are sick and tired of it. We have got to hold these companies accountable for their predatory behavior, and as we look to the future, we’ve got to invest in creating an independent, clean energy economy.”
Under questioning by Congresswoman Dingell, the CEOs of our nation’s largest oil companies admitted that their breakeven operation costs were over half the price for a barrel of oil. This has led to them making billions of dollars in profits while families are struggling to keep up with higher prices at the pump.
The Consumer Fuel Price Gouging Prevention Act grants the President the power to issue an emergency energy proclamation outlawing the sale of consumer fuels at artificially high prices during the emergency period. It would also strengthen the FTC’s authority to oversee the energy market and penalize bad actors manipulating the market, improving transparency and fair competition. The bill also contains protections for independently owned gas stations passing along higher costs imposed on them in the supply chain so they are not left holding the bag for Big Oil.
Original source can be found here.
