May 19, 2022
Rep. Aguilar Votes to Crack Down on Price Gouging at the Pump
WASHINGTON, DC — Today, Rep. Aguilar helped pass the Consumer Fuel Price Gouging Prevention Act, legislation that will crack down on oil and gas companies who put shareholders over consumers while bringing in record profits.
“Many working families in the Inland Empire commute to work each day and rely on their cars for their livelihoods,” Rep. Aguilar said. “They are being asked to pay more at the pump while the oil and gas companies enrich themselves and their shareholders. That’s not right. Our legislation will help provide some relief to working people and bring the costs of energy down for millions of Americans.”
As the price of oil drops, the largest seven oil companies announced stock buybacks that could total $41 billion this year alone, rather than lower prices at the pump. The Consumer Fuel Price Gouging Prevention Act will enable President Biden to issue an Energy Emergency Declaration making it unlawful to increase gas and home energy prices in an exploitative or excessive manner. This comes on the heels of President Biden coordinating the largest release of oil from the Strategic Petroleum Reserve in history.
This legislation is the latest proposal passed by the House that would help lower everyday costs for Americans. In February, the House passed the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic Strength (America COMPETES) Act, which invests $52 billion to produce more chips in America and $45 billion to address global supply chain issues to help lower costs. Versions of the America COMPETES Act passed both the House and the Senate and is currently being reconciled by a conference committee.
Rep. Aguilar serves as the Vice Chair of the House Democratic Caucus and as a member of the House Committee on Appropriations.