January 25, 2023

Cortez Masto, Luján Continue Fight to Hold Big Oil Accountable and Lower Gas Costs

Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Ben Ray Luján (D-N.M.) are continuing their fight to hold Big Oil accountable by reintroducing legislation to increase transparency and help bring down high prices at the gas pump in Nevada and across the country. The Fair and Transparent Gas Prices Act would give the Federal Trade Commission (FTC) the tools it needs to investigate unfair practices, provide market transparency, and prevent price gouging by Big Oil and gas companies. 

“Big Oil companies continue to profit off the backs of our families in Nevada, all while they rake in historic profits,” said Senator Cortez Masto. “Lowering costs for Nevadans remains my top priority, and this legislation is an important step to hold Big Oil accountable for jacking up gas prices to reward their shareholders instead of lowering costs for Nevadans.”

“New Mexicans shouldn’t have to break the bank just to put a tank of gas in their vehicle. Price gouging at the pump is unacceptable—especially when the wealthiest corporations are raking in record profits,” said Senator Luján. “I’m proud to reintroduce this legislation to increase accountability and lower costs for New Mexico families.” 

The Fair and Transparent Gas Prices Act would require an expansive FTC investigation to bring transparency to the oil and gas markets, address concerns over price gouging, and recommend action to prevent behavior that harms consumers—including companies buying back stocks from their shareholders instead of using their record profits to responsibly increase oil and gas supply in the U.S.

Senator Cortez Masto has been leading efforts in the Senate to lower costs for Nevadans and protect consumers. Senator Cortez Masto has led bicameral legislation to protect consumers and prevent energy market manipulation, called out big oil and gas companies for using their record profits to reward shareholders, and urged the IRS to help lower costs for Nevadans who use their cars for business and medical purposes. Additionally, she has urged the Biden Administration to develop a long-term, government-wide strategy to lower gas prices and pushed the Administration to help Americans struggling with the high costs of heating and cooling their homes. In addition, she has been a champion for renewable energy and clean transportation development that will help lower energy prices for Nevadans through her Innovation State Initiative.