The House of Representatives passed the Consumer Fuel Price Gouging Prevention Act, by a vote of 217-207 on May 19, taking the country closer to greater government involvement in energy markets as gasoline prices soar to new heights.
The bill, H.R. 7688, would let President Joe Biden declare an “energy emergency.”
Such an emergency would empower the Federal Trade Commission (FTC) to target people who sell fuel at a price judged “unconscionably excessive” or that “indicates the seller is exploiting the circumstances related to an energy emergency to increase prices unreasonably.”
That presidential emergency proclamation would last 30 days but could be renewed indefinitely “as the president deems appropriate.”…