WASHINGTON, D.C. – Today Representative Adam Smith (D-Wash.) released the following statement after the House of Representatives passed H.R. 7688, the Consumer Fuel Price Gouging Prevention Act, which would help hold oil companies accountable and address high gas prices across the country.
“Gas prices around the world have spiked due to Putin’s immoral war against Ukraine, and Americans have seen prices jump at the pump. Meanwhile, oil companies are reporting record profits while they rip off consumers. In response, the House today passed the Consumer Fuel Price Gouging Prevention Act, which would protect consumers from unfair price gouging. This legislation would grant the President the ability to declare an 'energy emergency proclamation' and make it illegal to sell consumer fuels at an excessive or exploitative price during the emergency period – preventing oil companies from cashing in on market volatility in times of crisis.
“The energy crisis caused by Putin’s war also serves as a grave reminder that as long as our economy relies on big oil, we are at the mercy of global oil markets. Increased domestic oil production will not offset spikes in the global price of oil and therefore is not a real solution. We must instead prioritize bold steps to expand our use of renewables to address climate change, grow our economy, and support our national security.
“At a time when American families are struggling to pay high prices, it’s the duty of Congress to step in and take action to alleviate some of their burden. I am proud of today’s action, and I look forward to continuing to work with the administration to hold corporations accountable and to lower prices for American families.”