The House's Democratic majority overcame some internal opposition to pass legislation addressing high gas prices by cracking down on possible price gouging from oil companies.
ABC News business and economics correspondent Deirdre Bolton discusses how long the stock market will slide and how the United States’ sanctions on Russia could help lower gas prices.The House's Democratic majority overcame some internal opposition to pass legislation on Thursday addressing high gas prices by cracking down on possible price gouging fromThe bill was approved along party lines in a vote of 217-207.
"The problem is Big Oil is keeping supply artificially low so prices and profits stay high. Now I think that when the market is broken, that's when Congress has to step in to protect American consumers," Rep. Frank Pallone, D-N.J., the chair of the House Energy and Commerce Committee, said in a hearing on Monday."And that's what this bill does: It empowers the FTC to go after the gougers and empowers the agency to effectively monitor and report on market manipulation.
Rep. Murphy broke with her party to join conservatives in voting against the measure, expressing concerns it didn't address the root of the price increases.
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