May, 16 2022, 03:54pm EDT
Democrats Introduce New Legislation to Stop Price Gouging, Protect American Public
WASHINGTON
Democrats are expected to vote on new legislation this week that will make it illegal for Big Oil to gouge consumers at the gas pump or on their home heating bills.
The Consumer Fuel Price Gouging Prevention Act, introduced last week by U.S. Representatives Kim Schrier and Katie Porter, would give President Biden the power to issue an Energy Emergency Declaration that would make it unlawful to increase gasoline and home energy fuel prices in an exploitative manner.
This legislation follows the announcement that the top 21 U.S oil and gas companies earned over $40 billion in the first quarter of this year alone, while families continue to struggle under the weight of artificially high gas prices. Rather than stabilizing gas prices or investing in more output and production, these companies are using their record profits to enrich their executives and shareholders, with nearly $60 billion planned in stock buybacks and dividend payments this year.
This week's House vote is a good step on the way towards passing a Big Oil Windfall Profits Tax that would tax the industry's obscene profits and use the revenue to provide Americans immediate relief.
In response, Jamie Henn, spokesperson for STOP (Stop the Oil Profiteering) released the following statement:
"Big Oil has absolutely no shame in gouging struggling American families in order to line the pockets of their wealthy investors and executives. Now it's Congress' turn to stand up for our communities and push back against Big Oil's war profiteering. The Consumer Fuel Price Gouging Prevention Act is an important first step towards ending oil industry profiteering; the next is to pass a Big Oil Windfall Profits Tax that could get even more relief to American families by taxing the industry's obscene profits. We applaud Rep. Schrier and Rep. Porter's initiative and urge Democrats to keep doing everything in their power to hold Big Oil accountable."
Fossil Free Media is a nonprofit media lab that supports the movement to end fossil fuels and address the climate emergency.
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