Ryan Statement on Flawed Price-Gouging Bill
First District Congressman Paul Ryan this week voted against the so-called Federal Price Gouging Prevention Act (H.R. 1252) because this poorly written legislation lacks an adequate definition of price gouging and would ultimately hurt consumers rather than easing supplies and prices at the gas pump.
"This is feel-good legislation that does nothing to lower gas prices and, in fact, may cause supply shortages," Ryan said. "Supporters of this bill probably mean well, but it's so flawed that it won't bring relief to drivers and could even make the gas supply crunch worse. Price gouging is never acceptable, and we can all agree that illegal actions that artificially boost gas prices should be prosecuted. I have voted in the past for legislation to increase our gas supply that also outlawed price gouging, but the current bill looks like it will only deliver windfalls to trial lawyers - not results for cash-strapped drivers and businesses."
H.R. 1252 describes price gouging as raising the price of gasoline to a level considered "unconscionably excessive," without adequately defining what that actually means.
To bring down skyrocketing gas prices, Ryan supports reducing our nation's dependence on foreign oil and natural gas, and increasing our domestic supply of energy. In the short term, this means conducting environmentally sound exploration in places such as the Gulf of Mexico and Alaska. At the same time, Ryan believes we should be pursuing renewable sources of energy, alternative fuels, and new technologies to make us less dependent on oil now and in the future.