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CONGRESSMAN MORELLE TAKES ACTION TO HOLD BIG OIL ACCOUNTABLE FOR GAS PRICE GOUGING AS THEY REPORT HISTORIC PROFITS

May 19, 2022
Press Release

Votes to pass legislation designed to lower costs for consumers, and stabilize the oil and gas markets

(Washington, D.C.) — Today, Congressman Joe Morelle voted to pass the Consumer Fuel Price Gouging Prevention Act, which would allow for additional action to be taken to stabilize the oil and gas markets and drive down prices for families across the country.

“Oil companies are raking in record profits at the expense of hard-working families who are struggling to keep up with sky high prices at the pump – this is un-American,” said Rep. Joe Morelle. “While others merely talk about rising gas prices, we have presented a real solution to the problem. I am proud to take action and vote in favor of this critical legislation to lower costs and put money back in the pockets of families in Monroe County.”

Big Oil has reported historic profits from the first three months of 2022: ExxonMobil made $5.5 billion after taxes, Chevron made $6.3 billion, and ConocoPhillips made $5.8 billion. This bill takes critical steps to crack down on price gouging and excessive price increases by Big Oil companies that result in higher prices for hardworking families at the pump and at the grocery store. 

This legislation will lower gas prices by:

  • Allowing President Biden to issue a 30-day energy emergency declaration to make it unlawful to increase gasoline and other home energy prices in an excessive or exploitative manner.
  • Allowing the President to renew this emergency declaration in additional 30-day intervals.
  • Giving the Federal Trade Commission (FTC) the power to treat violations of this legislation similar to other unfair or deceptive acts or practices.
  • Granting the chief law enforcement officer of a state or agency designated by the state the power to bring action against entities that violate this act.
  • Directing penalties collected to a Consumer Relief Trust Fund, which can be used by consumers for the Low-Income Home Energy Assistance Program (LIHEAP) and the Weatherization Assistance Program.

For more information on this legislation, read the full text of the bill here.