Citing growing worries about high gasoline prices, Democratic leaders announced an effort Thursday to give the Federal Trade Commission increased authority to crack down on companies that engage in price gouging.
Democrats accused oil executives of “ripping off the American people” at a contentious hearing this month.
President Joe Biden, aware of the political stakes, has vowed to do all he can to ease"pain at the pump for American families,"including ordering release of record amounts of oil from the nation’s strategic reserve. “We need to make sure that there is a policeman on the beat,” Cantwell said. “It doesn’t seem right that we should have more transparency on a product like wheat or corn than we would on oil.’’
Oil executives, testifying before Congress earlier this month, said oil is a global market and that oil companies don’t dictate prices. “At a time of historic inflation and economic contraction, Americans deserve real policies that boost domestic oil and gas production,’’ she said.“My Democratic colleagues are doubling down on their blatant blame-shifting for political cover,’’ said Rep. Cathy McMorris Rodgers of Washington state. “The American people know this isn’t price gouging or Putin’s price hike. It’s a Biden price hike since the day he took office.
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