The Democratic Party has been under pressure because of rising inflation, especially record gas and diesel prices, but they knew they had a secret weapon in Congress that could solve all their problems, the Consumer Fuel Price Gouging Prevention Act.
Legislation for first House Democrats, led by Congresswoman Schreier and Congresswoman Porter, introduced the Consumer Fuel Price Gouging Prevention Act for families struggling to pay higher prices at the pump. Oil and gas companies are making record profits, with seven largest oil companies announcing a buyback that will cause gas prices to go up. When the cost of oil goes, oil prices drop, and price gouging needs to be stopped, said Nancy Pelosi, House Speaker last week. The bill is expected to be on the floor in the coming week.
Pelosi believes that you can control inflation by controlling prices. The reports last week were that Italian president Mario Draghi and President Biden spoke about not only price caps on oil but also windfall profits on oil companies.
Why is the inflation problem solved for oil and gas? Why don't we outlaw higher prices on everything? We can't make it illegal to raise prices anywhere and everywhere. The House speaker deems everything to be excessive.
Phil Flynn is a senior energy analyst at The PRICE Futures Group and a contributor to Fox Business Network. He is one of the world's leading market analysts, which provides individual investors, professional traders, and institutions with up-to-the-minute investment and risk management insight into global petroleum, gasoline, and energy markets. You can contact Phil by phone at 888 264 - 5665 or by email at 888 264 - 5665