Look for Democrats to begin looking next week into price gouging because of high gasoline prices and don’t be surprised if they attempt to go after the oil and gas industry.
Instead of exploring their own policies, the Democrats plan to continue their pursuit of “big oil.”
Long considered their favorite whipping boy when it comes to high energy prices, the industry can expect legislation in the House to beef up powers for the Federal Trade Commission so it can determine if fuel manufacturers are price gouging. It’s what Majority Leader Steny Hoyer said this week according to POLITICO.
A similar bill is planned in the Senate according to Commerce Committee chair Maria Cantwell. And the Senate Finance Committee also plans its own bill targeting high gas prices.
Why do we think oil and gas will be targeted? Based on what Senate Finance Committee chairman Ron Wyden told POLITICO.
“We are looking at a variety of policies related to the tax code that are going to protect consumers,” Wyden said. “The big oil companies want to say it’s just markets. We think there are a lot of troubling signs.”
Throw in what Democrat Sen. Sheldon Whitehouse of Rhode Island said and you can likely expect oil and gas company reps to be subpoenaed before the committees.
POLITICO reported Whitehouse also said he hopes the Wyden bill would target large oil companies for windfall profits.
While the oil and gas industry will fall target to Congress and be accused of price gouging, inflation rose at a rate of 8.3% in April, just under the 8.5% annual rate in March.
There apparently is no discussion on Capitol Hill of a price-gouging investigation of what else is costing more for consumers.
While gasoline costs are up nearly 44% in the past year consider what else is costing more. Clothing is up 5.4%. Meat, poultry, fish and eggs cost 14.3% more. Dairy products cost 9.1% more.
That cereal you have for a morning breakfast costs 10.3% more. And the cocktail members of Congress might have while dining with a lobbyist on capitol hill is up 9.8% in the past year.
Oh yeah. Used cars and trucks cost nearly 23% more and the price of a new vehicle is 13.2% higher than a year ago.