{"id":13419,"date":"2022-05-13T04:56:13","date_gmt":"2022-05-13T04:56:13","guid":{"rendered":"https:\/\/harchi90.com\/pelosi-hammers-gas-companies-for-consumer-exploitation\/"},"modified":"2022-05-13T04:56:13","modified_gmt":"2022-05-13T04:56:13","slug":"pelosi-hammers-gas-companies-for-consumer-exploitation","status":"publish","type":"post","link":"https:\/\/harchi90.com\/pelosi-hammers-gas-companies-for-consumer-exploitation\/","title":{"rendered":"Pelosi hammers gas companies for consumer ‘exploitation’"},"content":{"rendered":"
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Speaker Nancy Pelosi (D-Calif.) On Thursday went after the nation’s largest oil companies, accusing the industry of \u201cexploiting\u201d consumers with sky-high gas prices even as the same companies are reporting record profits this year.<\/p>\n

\u201cThis is a major exploitation of the consumer, because this is a product the consumer must have,\u201d Pelosi said during a press briefing in the Capitol. <\/p>\n

The leap in prices at the pump, part of a larger inflationary spike affecting a host of consumer goods, has dogged President Biden and his Democratic allies on Capitol Hill, who are scrambling for ways to reverse the trend ahead of November’s midterm elections.<\/p>\n

As part of that effort, House Democrats will vote next week on legislation empowering the Biden administration to issue an emergency declaration barring oil companies from setting gas and home energy prices deemed to be \u201cunconscionably excessive\u201d or indicative that \u201cthe seller is exploiting the circumstances related to an energy emergency to increase prices unreasonably. “<\/p>\n

Sponsored by Reps. Kim Schrier (D-Wash.) And Katie Porter (D-Calif.), Both of whom are facing competitive reelection contests, the proposal would grant new authority to both the Federal Trade Commission (FTC) and state attorneys general to scrutinize the methods by which fuel prices are set. Companies found to violate the emergency order would be subject to civil penalties.<\/p>\n

Recent financial numbers from the nation’s largest oil companies have fueled the Democrats’ eagerness to target the industry.<\/p>\n

For the first three months of the year, ExxonMobil reported $ 5.5 billion in profits, more than twice the figure from a year ago. BP reported $ 6.2 billion in profits for the quarter, up from $ 2.6 billion in the first three months of 2021. And Chevron said it pulled in $ 6.3 billion, versus $ 1.4 billion over the same span last year. <\/p>\n