Another Congressional Democrat Price Gouging Bill Introduced
Thursday, U.S. Reps. Val Demings (D-FL), Jerry Nadler (D-NY), David Cicilline (D-RI) and Kathy Castor (D-FL) introduced legislation “The Oil and Gas Industry Antitrust Act” which calls on the Federal Trade Commission (FTC) to conduct an investigation “to determine if the price of gasoline is being manipulated by reducing refinery capacity or by any other form of market manipulation or artificially increased by price gouging practices.”
In conducting the investigation, the FTC may consider “the impact of mergers and acquisitions in the oil and gas industry, including mergers and acquisitions involving producers, refiners, transporters, and gas stations.”
The FTC must report to Congress within 270 days of enactment a report on the investigation, plus long-term strategy for the Commission and Congress to address oil and gas markets during times of national or international crisis or emergency.
Even if the House passes the bill, it is likely dead on arrival in the Senate.