House Democrats Pass Critical Legislation to Hold Big Oil Accountable for Price Gouging

Washington, DC – Today, House Democrats voted to pass the Consumer Fuel Price Gouging Prevention Act. Introduced by Rep. Kim Schrier (D-WA) and Rep. Katie Porter (D-CA), the bill would crack down on oil and gas companies that are price-gouging consumers, empowering the President to make unlawful the unconscionably excessive and exploitative prices for gasoline and home heating fuels. The bill would also empower the Federal Trade Commission to issue penalties on companies that are price gouging. The bill further protects low-income families by allocating the fines collected to a Consumer Relief Trust Fund, which can be used to fund investments in making homes more energy efficient. 

There are also efforts being led by Congressional Democrats to implement a windfall profits tax that returns Big Oil’s runaway profits back to taxpayers. These efforts could be paired with the repeal of the generous subsidies that the fossil fuel industry continues to collect from the federal government. Despite their skyrocketing profits, the industry remains one of the most heavily subsidized sectors of our entire economy. They are expected to receive $121 billion in tax giveaways over the next decade. 

In response, Sierra Club Deputy Legislative Director Mahyar Sorour released the following statement: 

“The oil and gas industry has shamelessly sought to use the cover of inflation and international conflict to jack up prices and enrich their executives and investors while American families face skyrocketing energy costs. We applaud House Democrats for pushing forward this critical legislation to hold Big Oil accountable and protect communities from fossil fuel industry greed, and we urge the Senate to pass this legislation and send it to the president’s desk.”