Bustos Votes to Crack Down on Fuel Price Gouging

WASHINGTON — Today, Congresswoman Cheri Bustos (IL-17) voted to pass the Consumer Fuel Price Gouging Prevention Act to stop price gouging at the gas pump and bring down costs for families in Northwest and Central Illinois.

“Big Oil is announcing record profits while families struggle to pay higher prices at the pump. This price gouging of American consumers is unconscionable,” said Congresswoman Bustos. “Today I voted for legislation to bring down gas prices by cracking down on oil and gas companies using this international crisis to pad their pockets. By reigning in corporate greed and increasing the use of ethanol in our fuel we can save consumers money, reduce emissions and support our family farmers.” 

The Consumer Fuel Price Gouging Prevention Act would give the President the power to issue an Emergency Energy Declaration that would make it unlawful to increase gasoline and home energy fuel prices in an excessive or exploitative manner. 

The bill would also strengthen the Federal Trade Commission’s authority to oversee the energy market and penalize bad actors manipulating the market –  improving transparency and market competition. The bill also includes important protections for independently owned gas stations – ensuring that they are not left holding the bag for Big Oil when they have higher costs imposed on them by the supply chain. 

Last month, Bustos applauded President Biden’s decision to issue an emergency fuel waiver allowing E-15 gasoline sales throughout this summer. The Biden Administration also recently rescinded 31 wavers previously granted to oil refineries that reduced biofuels blending requirements. Bustos has introduced the bipartisan Home Front Energy Independence Act to expand the production and availability of American biofuels. 

According to Growth Energy, if the entire nation moved to E15 year-round, consumers would save $12.2 billion on fuel each year. Moving to nationwide E15 would also create demand for an additional 2.4 billion bushels of corn annually, which would provide an economic lift for rural America.