A closely divided House has approved legislation to crack down on alleged price gouging by oil companies as prices at the pump continue to soar
FILE - Gas prices are displayed at a BP gas station in Elgin, Ill., on March 19, 2022. Just as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights. AAA said Tuesday, May 10, 2022, drivers are paying $4.37 for a gallon of regular gasoline. – A closely divided House approved legislation Thursday to crack down on alleged price gouging by oil companies and other energy producers as prices at the pump continue to soar.
The focus on price gouging comes as gas prices hit an average of $4.59 per gallon Thursday — 49 cents a gallon higher than a month ago and $1.55 higher than a year ago, according to AAA.totaling more than $40 billion in the first quarter of the year, a fact Democrats repeatedly cited in floor debate. Many of the companies are spending billions on stock buybacks and dividend payments to investors.
Louisiana Rep. Steve Scalise, the No. 2 House Republican, called the bill an attempt by Democrats"to distract and shift blame from the administration’s self-inflicted energy and inflation crisis.'' even as they canceled three offshore lease sales scheduled in the Gulf of Mexico and off the Alaska coast.
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