Speaker of the House Nancy Pelosi (D-Calif.) announced during a May 12 press conference that Democrats would bring legislation to the floor that would grant President Joe Biden sweeping new powers to impose price caps on oil companies.
Over the past year, the price of gasoline has increased dramatically. According to the Department of Labor’s most recent Consumer Price Index, consumers today are paying around 43.6 percent more for gas than they did a year ago.
Though both parties acknowledge that prices are rising at an almost unprecedented rate, Republicans and Democrats have suggested very different causes for the sharp increase.
Republicans have blamed the rising prices on Biden’s “anti-American energy policies,” including his early decision to halt construction on the Keystone XL pipeline and to place a moratorium on leasing federal lands to oil and natural gas companies.
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