Nancy Pelosi gave her weekly presser today and after trashing the oil and gas industries, she talked about price control. Democrats plan to pass a gas gouging act as if gouging is the reason the prices are high.
The ‘Consumer Fuel Price Gouging Prevention Act‘ will give the President the power to issue an Energy Emergency Declaration that would make it unlawful to increase gasoline and home energy fuel prices in an excessive or exploitative manner.
Nothing like giving the senile President more power to torment gas and oil.
We are supposed to believe that the problems at the pump are oil and gas companies gouging consumers.
“At a time when people in the 8th district and across the country are feeling the pinch at the gas pump, Congress needs to be doing all it can to bring down costs for American families. What’s infuriating is that this is happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit. This must stop,” said Rep. Schrier.
“Gas and oil companies should be held accountable and should not be making the situation worse by gouging Americans at the pump. This bill needs to be passed and signed into law as soon as possible.”
She determined they are making too much money.
“Oil companies are not struggling—they continue to announce record profits and tens of billions dollars’ worth of stock buybacks—but families are,” said Rep. Porter, Chair of the House Natural Resources Subcommittee on Oversight.
“Big Oil is price gouging families because they can. Enough is enough. I’m proud to help introduce this bill that will hold these corporations accountable, stop their abuse, and give families relief.”
PROFITS ARE COMPLICATED
In 2021, Exxon Mobil made a record profit of $23 billion. But the profits gained came after it lost $22.4 billion in 2020 because of the pandemic.
This is a very similar story for Chevron, BP, and Shell. They all had major record profits in 2021, after losing billions in 2020.
This is partially why some oil company executives say that they’re choosing to do stock buybacks to put money back in shareholders’ pockets, instead of increasing oil production, which would bring down the costs for the rest of us.
Democrats in Congress will decide what price is “unconscionably excessive” for this crime. It’s one more way to harass and damage the oil and gas industry. They can fine them unilaterally on behalf of the state and put the money into their slush fund.
Democrats are wannabe dictators.
In leftist controlled Chicago, they have in the past threatened gas stations, which have a small profit margin. The former Illinois AG Lisa Madigan declared an inquisition against gas station gouging. She found none. (Her father is of course another corrupt democrat who ran the legislature but is now on trial.)
Oil companies have a much smaller profit margin than the big woke corporations.
In basic economics, price controls restrict supplies. The energy industry has competition. Big tech is a monopoly.
Democrats are good ones to claim power to decide what is excessive or exploitative. Their spending is excessive and exploitative. The power they have assumed over us is excessive and they exploit it to the fullest. Be prepared for shortages and long lines at the pumps as well as the grocery stores.
I’m old enough to remember how well price controls worked in the 1970s. If you think there are shortages now, just wait for Price Controls. I guess Pelosi thinks that if there is no gasoline, everyone will have to mail in their ballots and the Democrats won’t even have to pay mules to stuff the ballot boxes.
Ration Cards would be better than Price Controls, but then everything the Federal Government touches turns to Horse Manure. Get Traitor Joe and the Federal Government out of the way and the Free Market will fix things within a Year.