220524 S 4217 Transportation Fuel Market Transparency Act Senate Commerce
May 24, 2022
Dear Chairwoman Cantwell and Ranking Member Wicker:
The U.S. Chamber of Commerce strongly opposes S. 4217, the “Transportation Fuel Market Transparency Act,” which would discourage investment in new domestic energy production and would lead to higher fuel prices. This legislation distracts from the root causes of current price increases and would give new, vague power to the Federal Trade Commission, which already has demonstrated a lack of restraint to protect due process, to make supply and demand mandates for the energy sector.
Energy commodities like gasoline are traded globally with prices determined by supply and demand. S. 4217 is disingenuous messaging legislation, that would effectively impose price controls on fuel sales that would discourage new energy production. The end result could be rationing, gas lines, and a much greater dependence on imported energy sources at a time when our allies are looking to the U.S. to increase our own production.
Congress can move forward with solutions by supporting domestic production not just in the near term, but over the long term. This assurance would provide important signals to markets and help to limit the impact of energy on inflation.
The Chamber strongly opposes S. 4217 and urges the Committee to reject this flawed bill.
Neil L. Bradley
Executive Vice President, Chief Policy Officer,
and Head of Strategic Advocacy
U.S. Chamber of Commerce
cc: Members of the Senate Committee on Commerce, Science, and Transportation