Consumer Fuel Price Gouging Prevention Act is a key step; Windfall Profits Tax must come next

FOR IMMEDIATE RELEASE

May 19, 2022

Contact:
Collin Rees, collin@priceofoil.org

The Consumer Fuel Price Gouging Prevention Act is a key step; a Windfall Profits Tax must come next

WASHINGTON, DC — Today, House Democrats passed U.S. Reps. Kim Schrier and Katie Porter’s Consumer Fuel Price Gouging Prevention Act, legislation that will make it illegal for Big Oil to gouge consumers at the gas pump or on their home heating bills and give President Biden the power to issue Energy Emergency Declarations. 

While working families continue to struggle under the weight of artificially high gas prices, the top 21 U.S oil and gas companies raked in more than $40 billion in the first quarter of 2022 alone. Rather than stabilizing gas prices, these companies are using record profits to enrich their executives and shareholders to the tune of $60 billion in stock buybacks and dividend payments so far this year. 

In response, Collin Rees, United States Program Manager at Oil Change International released the following statement: 

“Big Oil is gouging working families at the gas pump and driving inflation with its profiteering at the expense of the American people. It’s critical that our leaders hold these companies accountable and ensure the world knows exactly how the fossil fuel industry’s greed is driving this energy crisis.

“The Consumer Fuel Price Gouging Prevention Act is a great start, and we applaud Democrats for passing Rep. Schrier and Rep. Porter’s bill. The Senate should move to pass this common-sense legislation immediately.

“But enhanced investigatory powers won’t be enough to stem Big Oil’s greed and stop its exploitation — the House must move rapidly to tax the fossil fuel industry’s record windfall profits. Our leaders should stand up for people, not polluters, and taxing windfall profits is wildly popular in every part of the country.”

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