WASHINGTON, D.C. – For weeks we’ve been talking about gas prices and how they’ve continued to climb. Recently, congressional democratic leaders announced plans they say will help drive the price of gas down.
Gas prices are reaching some of the highest prices in recent years. According to AAA, the national average is around $4.14 dollars per gallon, which is almost a dollar and 25 cents more than what gas cost this time last year. The prices impact families and workers across the U.S.
“Americans know that Russia’s unprovoked vicious, nasty, bitter invasion of Ukraine has contributed to higher prices at the pump,” said Sen. Chuck Schumer (D- NY). “They know COVID related supply issues have caused shortages at a time when demand skyrockets. These conditions have put consumers over a barrel and make them vulnerable to market manipulation and price gouging.”
Congressional democratic leadership is pointing the finger at oil and gas companies for the price hike.
“Big oil has profiteered and this has exploited the marketplace this past year,” said Speaker of the House Nancy Pelosi (D- CA).
They’re looking to pass legislation they say will provide more transparency and oversight on oil and gas companies’ energy price-setting practices.
“Congress must do more to beef up the FTC’s ability to crack down on potential gas price manipulation and price gouging,” said Sen. Schumer.
Republicans have called on more domestic energy production to help ease the pain at the pump but the Dems suggested the companies would rather use stock buyback purchases from these profits rather than produce more to lower prices.
“Instead, they’re helping their CEOs and their biggest wealthy shareholders,” said Sen. Schumer. “It’s outrageous. It’s time for the FTC to roll up its sleeves and drill down on what’s going on at the big oil companies.”