WASHINGTON D.C. – Today, Congressman Andy Kim (NJ-03) voted to pass the Consumer Fuel Price Gouging Prevention Act to stop oil and gas companies from price gouging Americans at the gas pump.
“Americans need and deserve relief. While oil and gas companies saw record profits in the first quarter, Americans are seeing gas prices go through the roof,” said Congressman Kim. “This bill would protect Americans from footing the bill while Big Oil inflates profit margins to keep their shareholders happy. Hard working New Jersey families deserve immediate relief at the pump. This bill will help hold corporations accountable, but we still need to do more. I’ll work with anyone in pursuit of an all-of-the-above approach to bringing down everyday costs for working families.”
The Consumer Fuel Price Gouging Prevention Act would allow the president to issue an emergency energy proclamation outlawing the sale of consumer fuels (fuel for cars, airplanes, home heating oil, liquid propane, etc.) at artificially high prices during the emergency period.
The bill would also strengthen the Federal Trade Commission’s (FTC) authority to oversee the energy market and penalize bad actors manipulating the market, improving transparency and fair competition. Importantly, the bill 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 found here.
