WASHINGTON, D.C. – U.S. Chamber Executive Vice President and Chief Policy Officer Neil Bradley released the following statement as policymakers debate new measures to authorize the Federal Trade Commission (FTC) and state attorneys general to further regulate gasoline prices.
“The ‘Consumer Fuel Price Gouging Prevention Act’ would be more accurately named the ‘Bring Back 1970s Gas Lines Act.’ Economics 101 teaches us that when demand exceeds supply, prices rise. Rather than unlocking more domestic energy, this bill would effectively impose price controls that would discourage new energy production, resulting in even less supply while demand continues to increase. This will result in rationing and gas lines.”
“Energy production takes a great deal of lead time. That’s why the administration and Congress need to send clear signals to the energy industry that they will support domestic production not just in the near term, but over the long term. This assurance will provide important signals to markets and help to limit the impact of energy on inflation. That includes holding regular lease sales on federal lands and waters, moving swiftly to adopt a new Outer Continental Shelf Oil and Gas Leasing Program for offshore energy development, avoiding new regulatory burdens, and supporting the permitting reforms necessary to build energy infrastructure.”
On Tuesday, the Chamber sent a letter to Members of Congress opposing the legislation and citing its inclusion in the “How They Voted” scorecard.