Rep. Grijalva Votes to Crack Down on Big Oil's Price Gouging

Press Release

Today, Rep. Raúl M. Grijalva (AZ-03) voted to pass H.R. 7688, the Consumer Fuel Price Gouging Prevention Act. This bill takes critical steps to crack down on price gouging and excessive price increases by Big Oil companies that result in higher prices for hardworking families at the pump and at the grocery store.

The Consumer Fuel Price Gouging Prevention Act grants the president the power to issue an emergency energy proclamation outlawing the sale of consumer fuels -- fuel for cars and airplanes as well as home heating oil and liquid propane -- at artificially high prices during the emergency period. It also strengthens the Federal Trade Commission's (FTC) authority to oversee the energy market and penalize bad actors manipulating the market, improving transparency and fair competition. Importantly, the bill contains protections for independently owned gas stations passing along higher costs imposed on them in the supply chain so they are not left holding the bag for Big Oil.

"While families are struggling every day to make ends meet with higher prices at the pump, oil and gas companies are raking in record profits," said Rep. Grijalva. "Big Oil are profiteering off the Russian invasion of Ukraine while pushing to drill more despite industry having more than 9,000 approved but unused drilling permits. They've admitted they would rather pass along windfall profits to executives and shareholders through dividends and stock buybacks than increase production and lower prices for consumers. The only way to protect the United States and American consumers over the long term is to accelerate our transition to a renewable energy future. It's time end the price gouging and hold Big Oil responsible for taking advantage of working people."

In the months since Putin invaded Ukraine, American families have been feeling the pinch in their pocketbooks as gas prices skyrocket. These record highs at the pump are not only impacting individual and family travel costs but also large-scale commercial transportation costs, spiking prices on all consumer goods including food and other essentials.

A new analysis from the Center for American Progress found that five major oil companies -- Shell, ExxonMobil, BP, Chevron, and ConocoPhillips "brought in more than 300 percent more in profits than in the first quarter of 2021. That is a total of more than $35 billion in profits in just three months."

In March 2022, Rep. Grijalva invited oil and gas companies to testify before the House Natural Resources Committee to examine the fossil fuel industry's failure to help stabilize gas prices during the ongoing crisis in Ukraine despite their record profits, but they refused to testify.

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