Democratic leaders have announced an effort to give the Federal Trade Commission increased authority to crack down on oil and gas companies that engage in price gouging. FOX13
"I’m doing everything within my power by executive orders to bring down the price," President Joe Biden said. "It’s not going to solve all our problems, but it’s going to help some people."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.
"Congress must do more to beef up the FTC’s ability to crack down on potential gas price manipulation and price gouging," added Senate Majority Leader Chuck Schumer, D-N.Y. When the Democratic bills reach the House and Senate floor, "Republicans will face a dilemma: Which side are they on?" Schumer said.
"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.President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.
"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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