House approves bill to take aim at gasoline 'price gouging'

WASHINGTON (AP) — A closely divided House approved legislation Thursday to crack down on alleged price gouging by oil companies as prices at the pump continue to soar.

A bill backed by House Democrats would give President Joe Biden authority to declare an energy emergency that would make it unlawful to increase gasoline and home energy fuel prices in an “excessive” or exploitative manner. The bill directs the Federal Trade Commission to punish companies that engage in price gouging.

“At a time when people across the country are feeling the pinch at the gas pump, Congress needs to be doing all it can to bring down costs for American families,″ said Rep. Kim Schrier, D-Wash., who co-sponsored the bill.

She called it “infuriating” that spikes in gas prices were “happening at the same time that gas and oil companies are making record profits and taking advantage of international crises to make a profit. This must stop.″

The measure was approved, 217-207. It now goes to the Senate, where a similar bill is pending but faces steep odds amid a 50-50 split between Democrats and Republicans.

The focus on price gouging comes as gas prices hit an average of $4.59 per gallon Thursday — 49 cents a gallon higher than a month ago and $1.55 higher than a year ago, according to AAA.

ExxonMobil, Chevron and other major oil companies announced profits totaling more than $40 billion in the first quarter of the year, a fact Democrats repeatedly cited in floor debate. Many of the companies are spending billions on stock buybacks and dividend payments to investors.

“Big Oil is price gouging families because they can,'' said Rep. Katie Porter, D-Calif., another co-sponsor. "Enough is enough.''

Republicans and industry groups called the bill misguided, saying there is no evidence of price...