[MIAMI] – Today, Congresswoman Frederica Wilson (FL-24) voted for legislation to crack down on price gouging by Big Oil companies and bring down costs for Florida families who are facing record-setting price increases at the gas pump. The Consumer Fuel Price Gouging Prevention Act (H.R. 7688) takes critical steps to combat excessive price increases, empowering the federal government to outlaw artificially high fuel prices and hold Big Oil accountable.
“Big Oil companies are taking advantage of Putin’s war on democracy to hike gas prices and pad their wallets by gouging hardworking Floridians at the pump,” said Congresswoman Wilson. “While families struggle to pay record prices, oil companies are deliberately keeping production low to maximize already high profits. Today, I proudly voted for the Consumer Fuel Price Gouging Prevention Act to crack down on this shameful exploitation and slash costs at the pump across Florida. It’s time to put a stop to the corporate greed and exploitative business practices to help bring down costs for all Americans across the board.”
In the months since Russia invaded Ukraine, Putin’s Price Hike has inflicted higher costs on working families. Both at the pump and through the rising cost of consumer goods and commercial transportation. While Floridians feel the pinch in their pocketbooks, oil and gas companies are pocketing Putin’s Price Hike by deliberately keeping production low and ensuring prices remain sky high. Oil executives have openly bragged about prioritizing shareholder payouts over lower costs for families. While more than 9,000 drilling permits go unused, the seven largest oil companies have announced stock buybacks that could total $41 billion this year alone.
Consumer Fuel Price Gouging Prevention Act
The Consumer Fuel Price Gouging Prevention Act will enable the President to issue an Energy Emergency Proclamation banning excessively high gas and home energy prices. This legislation will also empower the Federal Trade Commission to prevent market manipulation, punish bad actors and collect penalties to support the Consumer Relief Trust Fund. These actions have widespread support, with recent polling finding that an overwhelming 87 percent of Americans want Congress to crack down on price gouging by oil companies.
This legislation comes as House Democrats fight to make the U.S. economy less vulnerable to the whims of dictators like Putin by securing long-term energy independence. The Democratic House has advanced historic investments to accelerate the United States’ transition to a clean energy economy, create good-paying union jobs and free Florida from dependence on foreign oil.