Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) and Senator Ben Ray Luján (D-N.M.) introduced new legislation to investigate high gas prices and look into ways to lower costs for hardworking families. The Fair and Transparent Gas Prices Act would provide the Federal Trade Commission (FTC) with the resources it needs to investigate markets for unfair practices and price gouging by big oil and gas companies.
“Nevadans are facing rising costs at the pump, and we need to be taking an all-of-the-above approach to bring prices down,” said Senator Cortez Masto. “The legislation I’m introducing today will shine a light on oil and gas companies’ concerning practices, which are hurting consumers. I’ll continue working on commonsense solutions that lower costs for Nevada families and strengthen our economic recovery.”
“Back in November, I called on the FTC to investigate price gouging at the pump, even as the cost of refined fuel has fallen and industry profits have gone up. The average cost of a gallon of gas was $3.50 at the time. This month, we are paying $4.30 per gallon, and oil and gas stock buybacks have more than doubled. It’s commonsense to hold these companies accountable for unfair practices that harm consumers,” said Senator Luján. “No corporation should be excessively profiting while New Mexican families suffer at the pump. I’m proud to join Senator Cortez Masto on the Fair and Transparent Gas Prices Act, which will increase accountability and prevent price gouging.”
The Fair and Transparent Gas Prices Act of 2022 would fund an expansive FTC investigation to bring transparency to the oil and gas markets, address concerns over price gouging by oil and gas companies, and recommend action to decrease behavior that harms consumers, such as companies buying back stocks from their shareholders instead of using their record profits to responsibly increase oil and gas drilling in the U.S.
Senator Cortez Masto’s push to lower prices at the pump is part of her comprehensive work to ease cost burdens for Nevadans. She’s called out big oil and gas companies for using their record profits to reward shareholders instead of lowering prices for consumers. She’s pushed critical legislation to alleviate supply chain bottlenecks, introduced a bill to cap the price of insulin, called on the IRS to help lower costs for Nevadans who use their cars for business and medical purposes, and called on the Biden administration to develop a long-term, government-wide strategy to lower gas prices. She has also asked the administration to utilize and assess LIHEAP funds in order 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.