"The problem is Big Oil is keeping supply artificially low so prices and profits stay high. Now I think that when the market is broken, that's when Congress has to step in to protect American consumers," Rep. Frank Pallone, D-N.J., the chair of the House Energy and Commerce Committee, said in a hearing on Monday. "And that's what this bill does: It empowers the FTC to go after the gougers and empowers the agency to effectively monitor and report on market manipulation."
Oil executives previously testified before Congress to address concerns about their prices but insisted it was the result of larger forces, including supply and demand.
The price gouging legislation faced stiff opposition from
Republicans, who blame the Biden administration's policies, including spending and pandemic-relief stimulus, for inflation. Republicans also renewed calls for more domestic energy production.
"If anybody is going to be sued for gouging, it should be the Gouger-in-Chief Joe Biden who has created this problem," House GOP Whip Steve Scalise said on the House floor on Thursday. "Stop relying on foreign countries for our energy when we can make it here cleaner, better than anyone in the world and lower gas prices and address this problem. This bill doesn't do it. We got to bring up the bills that actually fix the problem."
