Democratic bill to focus on fuel ‘price gouging’

Democratic bill to focus on fuel ‘price gouging’

Washington, 28 April (Argus) — Democratic leaders in the US Congress say an upcoming bill responding to high gasoline prices will focus on providing more authority to investigate alleged "price gouging" by the oil industry.

Democrats want to hold a floor vote in a bill that would give the US Federal Trade Commission (FTC) and state attorneys general more authority, including the ability to seek civil penalties, over price gouging or price manipulation at the wholesale and retail levels. Democrats also want to increase dedicated staffing at the FTC to pursue investigations into fuel prices.

"Big Oil companies are using both these issues — price gouging, market manipulation — to cash in," US Senate majority leader Chuck Schumer (D-New York) said. "It is time for the FTC to roll up its sleeves and drill down on what is going on at the big oil companies."

More than two-thirds of Americans blamed oil companies for the recent spike in gasoline prices, nearly the same percentage who blamed Russian president Vladimir Putin, according to a poll ABC News released this month. Democrats say their legislation is a chance to respond to that voter frustration and offer a way to lower US gasoline prices that averaged