U.S. Senator Catherine Cortez Masto says her and Senator Ben Ray Luján are continuing their fight to hold Big Oil accountable.
Today, they reintroduced legislation to increase transparency and help bring down high prices at the gas pump in Nevada and across the country.
Senator Cortez MAsto says the Fair and Transparent Gas Prices Act would give the Federal Trade Commission (FTC) the tools it needs to investigate unfair practices, provide market transparency, and prevent price gouging by Big Oil and gas companies.
“Big Oil companies continue to profit off the backs of our families in Nevada, all while they rake in historic profits,” said Senator Cortez Masto. “Lowering costs for Nevadans remains my top priority, and this legislation is an important step to hold Big Oil accountable for jacking up gas prices to reward their shareholders instead of lowering costs for Nevadans.”
The bill also recommends that companies take action to lower costs for consumers.
“New Mexicans shouldn’t have to break the bank just to put a tank of gas in their vehicle. Price gouging at the pump is unacceptable—especially when the wealthiest corporations are raking in record profits,” said Senator Luján. “I’m proud to reintroduce this legislation to increase accountability and lower costs for New Mexico families.”
The Fair and Transparent Gas Prices Act would require an expansive FTC investigation to bring transparency to the oil and gas markets, address concerns over price gouging, and recommend action to prevent behavior that harms consumers—including companies buying back stocks from their shareholders instead of using their record profits to responsibly increase oil and gas supply in the U.S.
