A bill that would set gas price limits and prevent ‘exploitative’ cost hikes is headed for a House vote

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Gulf
  • Date: 13-May-2022
  • Source: Business Insider
  • Sector: Oil & Gas
  • Country: Gulf
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A bill that would set gas price limits and prevent ‘exploitative’ cost hikes is headed for a House vote

Congress will vote next week on a that would prohibit "excessive" gas prices. The legislation would enable President Joe Biden to issue an emergency energy declaration making it illegal to increase gas and home energy prices in an "exploitative" manner. The bill, titled the Consumer Fuel Price Gouging Act, would give the Federal Trade Commission the authority to crack down on oil companies with over $500 million in annual consumer fuel sales. In a press conference the legislation on Thursday, House Speaker Nancy Pelosi said "price gouging needs to stop." "While families are struggling to pay higher prices at the pump, oil and gas companies are recording record profits," Pelosi said. "This is a major exploitation of the consumer, because this is a product the consumer must have," she added. The bill is unlikely to receive the Republican support needed to turn it into a law. Following Pelosi's announcement, some Republican lawmakers took to Twitter to criticize the proposed legislation, including Rep. Kelly Armstrong (R-North Dakota) who said claims of price gouging among Democrats is "ridiculous." The legislation is just the latest attempt by Democrats to address . Democratic leaders have also considered to incentivize US oil companies to ramp

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