ChiGoose Posted May 20, 2022 Share Posted May 20, 2022 Quote WASHINGTON (AP) — A closely divided House approved legislation Thursday to crack down on alleged price gouging by oil companies and other energy producers as prices at the pump continue to soar. A bill backed by House Democrats would give President Joe Biden authority to declare an energy emergency that would make it unlawful to increase gasoline and home energy fuel prices in an “excessive” or exploitative manner. The bill directs the Federal Trade Commission to punish companies that engage in price gouging. “At a time when people across the country are feeling the pinch at the gas pump, Congress needs to be doing all it can to bring down costs for American families,″ said Rep. Kim Schrier, D-Wash., who co-sponsored the bill. She called it “infuriating” that spikes in gas prices were “happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit. This must stop.″ The measure was approved, 217-207. Republicans unanimously opposed the bill, along with four Democrats. It now goes to the Senate, where a similar bill is pending but faces steep odds amid a 50-50 split between Democrats and Republicans. https://www.pbs.org/newshour/economy/house-approves-bill-to-combat-gasoline-price-gouging It's not going to be a silver bullet to fix the gas price issue, but it should help. If gas prices were only raising at the rate of increased costs, the companies would be posting record profits. That being said, seems unlikely this passes the Senate. Link to comment Share on other sites More sharing options...
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