Strategic Production Response Act

Floor Speech

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Mr. BOWMAN. 92.

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Mr. BOWMAN. Mr. Chairman, according to my friends across the aisle, the purpose of this bill is to promote energy security and lower costs for consumers. I hope they will agree that if our goal is to protect Americans, then we cannot allow price-gouging corporations to participate in any increased drilling on Federal lands under this bill. That would defeat the entire purpose.

My amendment to H.R. 21 simply says that if you price gouged the American people last year, you should not be allowed to participate in a plan whose goal is to reduce prices and promote the public interest.

Nobody can deny that Big Oil and Gas engaged in price gouging in 2022. They raked in record profits--$343 billion in the first three quarters of last year--at the same time that historically high gas prices were pummeling American workers across the country. Inflation gave these companies cover to jack up prices even higher. Supply chain disruptions and a refinery crunch gave them cover to keep supply restricted and to engage in market manipulation.

This is not my interpretation. This is what they broadcast to their investors. Exxon and Chevron executives, for example, bragged about maintaining capital discipline and about funneling billions back to shareholders in the form of dividends and stock buybacks.

We should not accept that behavior. Let's come together on a bipartisan basis and protect the American people from corporate price gouging.

Mr. Chair, I yield back the balance of my time.

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Mr. BOWMAN. Mr. Chair, I demand a recorded vote.

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