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WASHINGTON, DC—Congressman Paul D. Tonko voted for legislation to crack down on price gouging by Big Oil companies and bring down costs for New York families. The Consumer Fuel Price Gouging Prevention Act, passed in the House yesterday, takes critical steps to combat excessive price increases, empowering the federal government to outlaw artificially high fuel prices and hold Big Oil accountable.

“At a time when Americans are feeling immense pain at the pump, Big Oil companies are lining their own pockets, deliberately keeping production low and making record profits on the backs of hardworking families,” Congressman Tonko said. “I proudly voted to crack down on this shameful exploitation, hold these corporations accountable and slash costs at the pump across our Capital Region. As we fight these reprehensible business practices, House Democrats remain laser-focused on Building a Better America: increasing production, creating jobs, growing paychecks and lowering costs.”

In the months since Russia invaded Ukraine, Putin’s Price Hike has inflicted higher costs on working families, both at the pump and through the rising cost of consumer goods and commercial transportation. While New Yorkers feel the pinch in their pocketbooks, oil and gas companies are pocketing Putin’s Price Hike by deliberately keeping production low and ensuring prices remain sky high. Oil executives have openly bragged 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.

The Consumer Fuel Price Gouging Prevention Act 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 comes as House Democrats fight to make the U.S. economy less vulnerable to the whims of dictators like Putin by securing long-term energy independence. Rep. Tonko has led the effort in Congress to accelerate the nation’s transition to a clean energy economy, create good-paying union jobs and free America from dependence on foreign oil.

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