To the Members of the U.S. House of Representatives: The U.S. Chamber of Commerce strongly urges you to oppose H.R. 7688, the “Consumer Fuel Price Gouging Prevention 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. The Chamber will consider including votes related to this legislation on our annual "How They Voted" scorecard.
Energy commodities like gasoline are traded globally with prices determined by supply and demand. H.R. 7688 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 our looking to the U.S. to increase our own production. Congress can move forward with solutions by support 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 H.R. 7688.
Sincerely,
Jack Howard
Senior Vice President
Government Affairs
U.S. Chamber of Commerce