She accused the industry of “exploiting” consumers with high gas prices.
House Speaker Nancy Pelosi (D-CA) attacked the nation’s largest oil companies.
“This is a major exploitation of the consumer, because this is a product the consumer must have,” Pelosi said during a press briefing.
Representatives Kim Schrier (D-WA) and Katie Porter (D-CA), who both face challengers in competitive reelection races, sponsored new legislation in an attempt to control prices.
The proposal would grant authority to the Federal Trade Commission and state attorneys general to review the methods by which fuel prices are set.
It would also allow them to stop companies from setting gas and home energy prices deemed “unconscionably excessive” or those that look like they’re exploiting “an energy emergency to increase prices unreasonably.”
Democrats point to profit statements from oil companies showing far greater profits than last year, but that was when oil profits were at an all time low due to the pandemic’s economic shutdown dramatically lowering use.
Meanwhile, the Biden administration continues to push green energy initiatives that grid operators blame for causing supply shortages that will likely lead to blackouts over the summer.