US House passes fuel price gouging bill

US House passes fuel price gouging bill

Washington, 19 May (Argus) — Democrats in the US House of Representatives have passed a bill making it unlawful for companies to charge "unconscionably excessive" prices for fuel, as the party struggles to contain voter frustration over high pump prices.

The bill passed today in a 217-207 vote, giving Democrats a chance to advance their claim that "price gouging" by oil companies is at least partially responsible for a spiking fuel prices across the US. Republicans were united in voting against the bill, joined by four Democrats.

The US Federal Trade Commission (FTC) would gain authority under the bill to investigate if price gouging is taking place whenever the US president declared an "energy emergency." The FTC would also gain power to collect data on spot fuel trades to look for price manipulation.

But the bill has almost no chance of final passage in the US Senate because it would need the support of at least 10 Republicans to break a filibuster. Republicans have been united in opposing the bill, which they say could lead to investigations of "mom and pop" fuel stations. Republicans have pinned higher fuel prices on President Joe Biden's energy policies, such as canceling oil and gas lease sales