The US House of Representatives passed a bill on Thursday to crack down on oil and gas companies accused of keeping gasoline prices unnecessarily high for American consumers
WASHINGTON (Pakistan Point News / Sputnik - 19th May, 2022) The US House of Representatives passed a bill on Thursday to crack down on oil and gas companies accused of keeping gasoline prices unnecessarily high for American consumers.
The House passed the Consumer Fuel Price Gouging Prevention Act in a 217-207 vote, sending it to the Senate for consideration.
The bill would expand the US Federal Trade Commission's authority to investigate and penalize oil and gas companies involved in price gouging.
House Energy and Commerce Committee Chairman Frank Pallone said during remarks before the vote that Americans are paying record high prices for gasoline as big oil companies take advantage of the current instability caused by the Ukraine conflict and pandemic to rake in record profits.
The four biggest oil companies made a combined $27 billion in profits during the first quarter of this year, Pallone said.
