Luján, Cortez Masto Continue Fight to Hold Corporations Accountable and Lower Gas Costs
Washington, D.C. – Today, U.S. Senators Ben Ray Luján (D-N.M) and Catherine Cortez Masto (D-Nev.) are continuing their fight to hold oil and gas companies accountable by reintroducing legislation to increase transparency and help bring down high prices at the gas pump in New Mexico and across the country. 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 oil and gas companies.
“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 taking in record profits,”said Senator Luján. “I’m proud to reintroduce this legislation to increase accountability and lower costs for New Mexico families.”
“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 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.