The US House passes a law to impose the price of gasoline. It practically looks like the USSR

The House has approved a draft law which should prevent gasoline price increases in times of crisis. In the end, what does it take to control gasoline prices? After all, a law is enough …

The bill, known as the Consumer Fuel Price Gouging Prevention Act, or HR 7688 , was passed with a vote of 217-207. No Republicans voted in favor of the bill and four Democrats voted against, including Stephanie Murphy, Lizzie Fletcher, Kathleen Rice and Jared Golden.

The bill now heads to the Senate, where it is likely to encounter stiffer resistance, needing a minimum of 10 Republicans to support the bill to pass. So he'll probably beach there.

The bill would prevent gasoline prices from rising during national energy emergencies and abnormal market disruptions, the president said. If the bill goes through the Senate, the FTC (Federal Trade Commission) and state attorneys general would have the power to impose a federal ban on excessive price increases and issue penalties, no matter where that seller is along the price chain. . In addition, companies should disclose their pricing strategies in public documents submitted to the SEC.

For months the topic of high crude oil and gasoline prices has turned into a political battleground, with Democrats saying oil companies are engaging in price hikes while raking in record profits, and Republicans arguing that the accusations against the oil companies of taking advantage of the situation are nothing more than a way to hide the failure of their own economic policy.

The oil industry has said that market forces and government policies are behind today's higher prices, with some analysts warning that very low stocks of petroleum products in the United States, including gasoline, along with a shortage of refining capacity, set the stage for a probable oil shortage crisis this summer.

Once the US was the champion of the free market, now it has become a country that thinks of solving an oil crisis through a law that imposes price controls. Something from the Soviet Union rather than the US, but the West has become the defender of an elite group and has completely forgotten how supply and demand work. Once there would have been an attempt to increase supply, production, now the government is thinking of solving everything with a lore.

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The article The US House passes a law to impose the price of gasoline. It practically looks like the USSR comes from .

This is a machine translation of a post published on Scenari Economici at the URL on Fri, 20 May 2022 06:00:50 +0000.