Legislation Would Require a Federal Government Investigation into Whether Big Oil is Artificially Raising Gas Prices
WASHINGTON – U.S. Senator Maggie Hassan led a group of her colleagues in introducing legislation to crack down on Big Oil by requiring the Federal Trade Commission (FTC) to investigate whether companies are manipulating prices on oil and gas and driving up costs for consumers. The bill requires the FTC to report back to Congress with their findings. The Oversight to Lower Oil Prices Act is cosponsored by Senators Mark Kelly (D-AZ), Jeff Merkley (D-OR), and Richard Blumenthal (D-CT).
“As Big Oil continues to rake in record profits, Granite Staters are paying the price every time they fill up their tank.” Senator Hassan said. “The administration must take action to investigate whether Big Oil is artificially raising prices and illegally manipulating the market for their own gain, and that’s what my bill will do. I am committed to standing up to Big Oil and will keep pushing for solutions to help lower prices for Granite Staters and all Americans.”
To read the bill text click here.
This legislation builds on Senator Hassan’s efforts to hold Big Oil accountable, and follows Senator Hassan’s previous calls for additional actions and updates regarding the FTC’s oversight of anti-consumer trade practices in the oil and gas industry. Earlier this year, Senator Hassan introduced legislation to lower high gas prices by temporarily suspending the federal gas tax through the end of the year. Additionally, Senator Hassan has successfully called on the Biden administration multiple times to take action to help lower energy costs by releasing oil from the Strategic Petroleum Reserve.