Pelosi Wants To Give Biden DANGEROUS New “Power” – She’s Nuts!

(PresidentialInsider.com)- House Speaker Nancy Pelosi (D-CA) blamed “exploitation” by oil firms for record gas prices and promoted a bill to let the president manage costs.

The “Consumer Fuel Price Gouging Prevention Act” allows the president to declare an “energy emergency,” allowing him to regulate pricing by prohibiting fuel businesses from selling their products at “unconscionably exorbitant” prices and “exploiting” a fuel crisis.

Congresswomen Kim Schrier and Katie Porter introduced the ‘Consumer Fuel Price Gouging Prevention Act.’

Pelosi said that more cost-cutting legislation would be presented next week in the House.

Oil and gas corporations are earning historic profits, with the seven largest oil companies proposing buybacks that might total $41 billion this year. Gas prices keep rising, even as oil prices drop. This is consumer exploitation because it’s a must-have commodity.

Pelosi said that the Putin Pump Hike is part of this.

She said that one would assume that oil companies would compromise rather than exploit the opportunity. This new law addresses price gouging, including new tools the Federal Trade Commission can leverage to handle those abuses.

Pelosi said the bill allows the president to declare an energy emergency, making it illegal to raise gas and residential energy costs exploitatively and excessively. Within a week after a “reasonably foreseeable emergency,” the president can declare a 30-day energy emergency in any U.S. region. Repeated renewals are possible. During an emergency, it would be illegal to sell consumer gasoline at an unconscionably high price and exploit an energy situation to raise prices unreasonably.

The FTC would enforce violations as unfair or deceptive trade practices. The bill orders the FTC favor merchants with more than $500 million in yearly sales.
The measure creates a “Consumer Relief Trust Fund” to deposit FTC fines during an energy emergency. The Low Income Home Energy Assistance Program and the Weatherization Assistance Program would deliver payments to low-income households.

Democrats have urged short-term, demand-side remedies for ever-increasing gas prices, hitting new records on Wednesday at $4.40 a gallon. The Biden government has also demanded oil corporations boost supplies.

But, on Wednesday, the administration canceled a massive Alaskan oil and gas lease sale and two sales in the Gulf of Mexico.

The left wants it both ways.