Last week, U.S. Rep. Val Demings, D-Fla., introduced the “Oil and Gas Industry Antitrust Act.”
The bill will “require the Federal Trade Commission (FTC) to investigate price manipulation in the gasoline market, including refinery capacity reductions and market monopoly conditions” and have the FTC “report to Congress a long-term strategy to stabilize oil and gas prices during national crises.”
U.S. Reps. Kathy Castor, D-Fla., David Cicilline, D-RI, and Jerry Nadler, D-NY, are co-sponsoring the proposal.
“As the daughter of a maid and a janitor, my family knew the value of every dollar. When we turn on the news, we see record oil company profits side by side with high gas prices for Florida families. These high prices are caused not just by Putin’s war but also by corporate practices that put profits before working families. We’ve seen it over and over: an emergency gives companies an excuse to spike their prices, then the emergency ends, and gas prices don’t go back down. Our legislation will protect Florida families from rising gas prices by giving us the tools to crack down on corporate price gouging and ensuring that our economy is based on a true free market, where businesses operate fairly and compete to offer lower prices to American consumers,” Demings said.
“We cannot allow Big Oil CEOs to manipulate markets in order to make billions on the backs of struggling Americans by overcharging at the pump. Our legislation will help protect the pocketbooks of Americans by uncovering price gouging practices rooted in corporate greed, while also taking away the ability of oil and gas executives to profiteer during a time of crisis. This is a big priority for American families. And it’s one more way to lower energy costs for families as we transition to cleaner, cheaper renewables, which will lead to true American energy security and energy independence,” said Castor who leads the U.S. House Select Committee on the Climate Crisis.
The bill was sent to the U.S. House Energy and Commerce and the Judiciary Committees. Nadler chairs the Judiciary Committee. So far, there is no companion measure over in the U.S. Senate.
