The House on Thursday passed legislation that would crack down on price gouging, even as market analysts have largely dismissed the idea that such nefarious...
The bill would bar selling fuel at a price that is “unconscionably excessive” or that indicates the seller is exploiting an energy emergency. It would grant the Federal Trade Commission enforcement authority to punish companies caught price gouging.
The 217-207 vote fell almost entirely along party lines with no Republicans supporting the legislation and only four Democrats opposing.Fletcher said in a statement that she appreciates the effort to bring down gas prices but that bill is not the answer. Those high prices are the result of basic supply and demand forces, she said.
“The Consumer Fuel Price Gouging Prevention Act would not fix high gasoline prices at the pump, and has the potential to exacerbate the supply shortage our country is facing, leading to even worse outcomes,” Fletcher said. The bill is almost certain to fall short of the required 60 votes to break a Senate Republican filibuster, making the proposal ultimately a messaging tool. Democrats are scrambling to get a handle on inflation broadly and skyrocketing gas prices specifically ahead of November’s midterm elections.. Joseph Morton covers the intersection of business and politics in the Washington Bureau. Before joining The News, Joseph worked for CQ Roll Call and the Omaha World-Herald.
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