PoliticsThursday 05.19.22

Rep. Katie Porter (D-CA) introduces legislation to crack down on oil companies for “price gouging.”

Congresswoman Katie Porter (D-CA) introduced legislation in the House that would give the Federal Trade Commission (FTC) the authority to crack down on oil companies that it can prove are charging excessive prices for fuel. H R. 7688, also known as the “Consumer Fuel Price Gouging Prevention Act,” comes in the wake of surging fuel prices in the U.S. that are reaching historic highs in many areas around the country. Congresswoman Kim Schrier (D-WA) is a co-sponsor of the bill.

In her remarks, Porter blasted price gouging as “anti-capitalist.“ She added that energy markets are reeling due to the war in Ukraine, and oil companies are taking advantage of that, juicing their corporate profits at the expense of consumers.

The legislation is expected to pass in the House but will likely face challenges passing in the Senate since it would need 60 votes to advance. Republicans are pushing instead for increased domestic energy production as the solution.

Recount Wire