
BALTIMORE (WBFF) — On Thursday, Congressman C.A. Dutch Ruppersberger voted for legislation that prevents oil companies from overcharging for gas resulting in higher prices in grocery stores and on utility bills across the country.
In the months since Putin invaded Ukraine, American families have been feeling the pressure of sky-high gas prices which causes spiking price in the amount of money spent on all consumer goods, including food.
Bill H.R. 7688, the “Consumer Fuel Price Gouging Prevention Act,” passed the U.S. House of Representatives in a 217 to 207 vote and now heads to the U.S. Senate for consideration.
The oil and gas industry says there are no government regulations stopping them from drilling more. The industry currently has more than 9,000 federally-approved but unused drilling permits.
“While Maryland families struggle every day to make ends meet with higher prices at the pump, oil and gas companies are announcing record profits – with the four largest oil companies collectively bringing in $27 billion in profits during the first quarter this year,” Congressman Ruppersberger said. “And they are passing along these windfall profits to executives and shareholders through dividends and stock buybacks rather than increasing production and lowering prices for consumers. Enough.”
H.R. 7688 gives the president the power to issue an emergency energy proclamation outlawing the sale of consumer fuels – gasoline for cars and airplanes as well as home heating oil and liquid propane – at artificially high prices during the emergency period. It would also strengthen the Federal Trade Commission’s authority to oversee the energy market and penalize manipulating the market, improving transparency and fair competition.
The bill also contains important protections for independently-owned gas stations passing along higher costs imposed on them in the supply chain.