Chandler Fights High Gas Prices

WASHINGTON (March 9, 2011)—Today, Congressman Chandler filed a bill with his colleagues in Congress to lower prices at the pump.  This bill will authorize penalties of up to $500 million for large companies selling oil, gasoline, and diesel at excessive prices or taking unfair advantage of circumstances during an international crisis.

“Greedy oil companies and CEOs shouldn’t be allowed to take advantage of Kentuckians trying to make ends meet in this tough economy,” Chandler said. “It is unacceptable. Gas prices are high enough already, we need to put an end to price gouging and price speculation once and for all.”

H.R. 964, the Federal Price Gouging Prevention Act, will empower the Federal Trade Commission (FTC) and state attorneys general to institute civil and criminal penalties for fuel price gouging during periods proclaimed by the president as an international crisis affecting oil markets.  This legislation could also apply to speculation in the oil futures market. The civil penalty for engaging in price gouging would be a fine of not more than $100 million.  The criminal penalty for a corporation engaging in price gouging would be up to $500 million.

Originally introduced by Rep. Tim Bishop, Chandler is an original cosponsor of the bill with Representatives John Yarmuth (KY), Jerry McNerney (CA), Tim Walz (MN), Mike McIntyre (NC), and Bruce Braley (IA).

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