Democrats have prepared new legislation in both chambers of Congress to attack major oil corporations for market manipulation and price gouging, party leaders told a press conference on Capitol Hill on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 28th April, 2022) Democrats have prepared new legislation in both chambers of Congress to attack major oil corporations for market manipulation and price gouging, party leaders told a press conference on Capitol Hill on Thursday.
"The House and the Senate have been hard at work for weeks (on the new legislation)," House Speaker Nancy Pelosi said. "BIg Oil has exploited the market place. They are hoarding the windfall. There is no excuse for the big oil companies to price gouge. They have made $200 billion in profits over the past year."
Senate Majority Leader Chuck Schumer said the new legislation would strengthen the powers and expand the staff and capabilities of the Federal Trade Commission (FTC) to expose and enforce penalties on major oil companies for their price gouging and other practices.
The new legislation "would give the FTC and the state agencies increased authority including civil penalty authority to go after oil companies and retailers that are gouging their customers," House Energy and Commerce Committee Chairman Frank Pallone said.
The Senate bill is ready to be presented to the full chamber and the House bill is almost prepared too, Pelosi said.
