MIL-OSI USA: Congressman Horsford Votes to Protect Nevadans from Price Gouging and Reduce Rising Gas Prices

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Source: United States House of Representatives – Congressmen Steven Horsford (NV-04)

May 20, 2022

Press Release

NORTH LAS VEGAS, NV – Today, Congressman Steven Horsford voted for legislation to crack down on price gouging by oil companies and bring down costs for Nevadan families. The Consumer Fuel Price Gouging Prevention Act takes critical steps to combat excessive price increases, empowering the federal government to outlaw artificially high fuel prices. It would also empower the Federal Trade Commission to pursue market manipulators with larger penalties and improve market transparency.

“Nevada families are paying too much for gas, affecting their pocketbooks and causing economic strain during a time of rising inflation and in an economy that is still recovering from the devastating effects of COVID-19,” said Rep. Horsford. “Four of the largest Big Oil companies collectively made $27 billion in profits during the first quarter of this year. By deliberately keeping production low, they are gouging middle-class families to keep prices, and their profits, high. That is why I proudly voted to crack down on the companies taking advantage of my constituents and instead to slash costs at the pump across Nevada.

BACKGROUND:

In the months since Russia invaded Ukraine, rising gas prices have inflicted higher costs on working families, both at the pump and through the rising cost of consumer goods and commercial transportation. While Nevadans feel the pinch in their pocketbooks, oil and gas companies are pocketing record profits by deliberately keeping production low and ensuring prices remain sky high. Oil executives have openly bragged about prioritizing shareholder payouts over lower costs for families. While more than 9,000 drilling permits go unused, the seven largest oil companies have announced stock buybacks that could total $41 billion this year alone.

The Consumer Fuel Price Gouging Prevention Act will enable the President to issue an Energy Emergency Proclamation banning excessively high gas and home energy prices. This legislation will also empower the Federal Trade Commission to prevent market manipulation, punish bad actors and collect penalties to support the Consumer Relief Trust Fund. These actions have widespread support, with recent polling finding that an overwhelming 87 percent of Americans want Congress to crack down on price gouging by oil companies.

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MEDIA CONTACT

Asha Jones | Asha.Jones@mail.house.gov | 702-963-9360

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