US House Of Reps Passes Oil 'Price Gouging' Bill

US House of Representatives has passed the 'Consumer Fuel Price Gouging Prevention Act,' in a 217-207 vote with four Democrats voting 'no.'

• The bill was co-sponsored by Reps Kim Schrier (D-WA) and Katie Porter (D-CA) who are rated among DCCC's 'Frontline Democrats in the most competitive November races.'
• The bill will now head to the Senate where it is expected to face a stiffer test in the 50-50 chamber.
• Rep Adam Smith (D-WA): 'Today the House passed H.R. 7688, the Consumer Fuel Price Gouging Prevention Act, which would help hold oil companies accountable and address high gas prices across the country.'
• The US Chamber of Commerce has lobbied against the bill, issuing this statement: 'The ‘Consumer Fuel Price Gouging Prevention Act’ would be more accurately named the ‘Bring Back 1970s Gas Lines Act.’ Economics 101 teaches us that when demand exceeds supply, prices rise. Rather than unlocking more domestic energy, this bill would effectively impose price controls that would discourage new energy production, resulting in even less supply while demand continues to increase. This will result in rationing and gas lines.'
• The full text of the bill can be found here: https://www.congress.gov/bill/117th-congress/house...