US House Passes Bill To Crack Down On Oil, Gas Companies For Price Gouging
Muhammad Irfan Published May 19, 2022 | 10:03 PM
The US House of Representatives passed a bill on Thursday to crack down on oil and gas companies accused of keeping gasoline prices unnecessarily high for American consumers
WASHINGTON (UrduPoint News / Sputnik - 19th May, 2022) The US House of Representatives passed a bill on Thursday to crack down on oil and gas companies accused of keeping gasoline prices unnecessarily high for American consumers.
The House passed the Consumer Fuel Price Gouging Prevention Act in a 217-207 vote, sending it to the Senate for consideration.
The bill would expand the US Federal Trade Commission's authority to investigate and penalize oil and gas companies involved in price gouging.
House Energy and Commerce Committee Chairman Frank Pallone said during remarks before the vote that Americans are paying record high prices for gasoline as big oil companies take advantage of the current instability caused by the Ukraine conflict and pandemic to rake in record profits.
The four biggest oil companies made a combined $27 billion in profits during the first quarter of this year, Pallone said.
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
Kitchen items’ prices ease as weekly inflation falls by 1.1%
1 hour ago -
Shipping Activity at Port Qasim
3 hours ago -
Machinery equipment assembling grew by 70.98% in 08 months
4 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
4 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
4 hours ago -
Exchange rates for currency notes
7 hours ago
-
Foreign exchange rates
7 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
7 hours ago -
Today Gold Rate in Pakistan 26 April 2024
8 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
17 hours ago -
Pak-US officials engage to enhance trade, investment ties
18 hours ago -
Stocks fall as tech shares sink, US economy slows
18 hours ago