Big Oil Price Gouging Bill Allows Windfall Profits to go Untouched
WASHINGTON, D.C. — The U.S. House of Representatives today passed the Consumer Fuel Price Gouging Prevention Act, aimed at cracking down on predatory practices by fossil fuel companies that increase gas prices. If the bill became law, it would empower the President to issue an Energy Emergency Declaration, making it unlawful to increase gasoline and home energy fuel prices in an excessive or exploitative manner.
New data, released yesterday by Public Citizen, Friends of the Earth, and BailoutWatch, revealed that the biggest oil and gas companies are returning billions more in cash to themselves and their investors amid windfall profits from war.
In response to today’s vote, Tyson Slocum, director of Public Citizen’s Energy Program, issued the following statement:
“While this legislation is an important first step, taxing Big Oil’s windfall profits is essential to hold the industry accountable and provide working families with needed economic relief. Price gouging by the fossil fuel industry is actively driving record inflation, hurting every corner of the economy.
“We hope today’s vote is a first step toward stemming Big Oil’s profiteering from Russia’s unlawful invasion of Ukraine, and that Congress will take steps to protect consumers through a windfall profits tax.”