Ruppersberger Supports Bill to Prevent Gas Price Gouging

(Washington, DC)- Congressman C.A. Dutch Ruppersberger today voted for legislation that targets price gouging by oil companies resulting in higher prices at gas pumps, in grocery stores and on utility bills across the country. 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.

In the months since Putin invaded Ukraine, American families have been feeling the pinch as gas prices skyrocket. These record highs at the pump are not only local travel costs, but also commercial transportation costs, spiking prices on all consumer goods including food and other essentials.

"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."

The oil and gas industry admits there are no government regulations preventing them from drilling more. The industry currently has more than 9,000 federally-approved but unused drilling permits.

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 bad actors 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.

Congressman Ruppersberger has consistently supported measures to advance energy independence so that we never again find ourselves in this position.