Langevin Votes to Crack Down on Price Gouging at the Pump

Press Release

Today, Congressman Jim Langevin (D-RI) voted for legislation to crack down on price gouging by Big Oil companies and bring down costs for Rhode Island families. H.R. 7688, The Consumer Fuel Price Gouging Prevention Act, takes critical steps to combat excessive price increases, empowering the federal government to outlaw artificially high fuel prices and hold Big Oil accountable.

"It is unconscionable that Big Oil companies are using Vladimir Putin's senseless war against the people of Ukraine as a baseless excuse to hike gas prices," said Rep. Langevin. "By deliberately keeping production low, oil executives are making record profits on the backs of hardworking Rhode Islanders. Today, I proudly voted to crack down on this shameful exploitation, hold these corporations accountable and slash costs at the pump."

While consumer fuel prices skyrocket, oil executives are open about prioritizing shareholder payouts over lower costs for families. While more than 9,000 drilling permits go unused, the seven largest oil companies have announced stock buybacks that could total $41 billion this year alone.

H.R. 7688 will enable the President to issue an Energy Emergency Proclamation, banning excessively high gas and home energy prices. This legislation will also empower the Federal Trade Commission to prevent market manipulation, punish bad actors and collect penalties to support the Consumer Relief Trust Fund. These actions have widespread support, with recent polling finding that an overwhelming 87 percent of Americans want Congress to crack down on price gouging by oil companies.

"This legislation is a critical step toward providing relief for Rhode Island families, but that work isn't done," continued Rep. Langevin. "I am laser-focused on continuing to bring down inflationary pressures and making strategic investments in green energy, so that Americans are protected from the greed of Big Oil."

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