Consumer Fuel Price Gouging Prevention Act is a Crucial Tool To Crack Down on Corporate Profiteering
WASHINGTON, D.C. — Today, House Democrats passed the Consumer Fuel Price Gouging Prevention Act, which would prevent gas companies from gouging consumers at the pump during an energy emergency and empower the FTC to investigate price gouging from gas companies. This comes as gas prices have topped $4 per gallon in every state for the first time while big oil companies are posting record profits.
In April, Exxon announced that its profits had doubled from last year; Chevron nearly quadrupled its profits, posting its highest quarterly profit in ten years; and BP’s profits hit an eight-year high. While these profits will pay for raises and bonuses for CEOs, everyday Americans won’t see a cent of benefits.
Sarah Baron, campaign director of Unrig Our Economy, said:
“Gas prices aren’t rising because they have to; they’re rising because corporations want to keep raking in record profits while working Americans struggle to fill their tanks. Instead of using their windfall to bring prices down, wealthy oil and gas companies are spending it on bonuses for executives and stock buybacks for shareholders. Unrig Our Economy applauds House Democrats for passing this bill and taking an important step towards holding these companies accountable.”