Pelosi Working With Chuck Schumer Over Emergency Laws To Cut Gas Prices

( Democratic leaders in Congress are starting to panic about inflation and rising gas prices, and how that could reflect on their party as the midterm elections get closer and closer.
A high-ranking Democratic aide recently confirmed that Senate Majority Leader Chuck Schumer met with House Speaker Nancy Pelosi recently to discuss possible legislation that would address both of these issues — but specifically lowering the price of gasoline.
The two Democratic leaders are hoping that they can pass legislation that would deal with the prices of gas by the conclusion of May. The challenge to doing so, though, is that they would need the support of at least 10 Republicans in the Senate — and that’s if all 50 Democrats are on board.
What some GOP members of Congress are pushing for is for the country to increase the production of fossil fuels to compensate for rising gas prices that are at least partially due to Russia’s invasion of Ukraine. That’s not something that most progressive members of the Democratic Party are likely to support.
Democrats, though, are committed to trying to do something to directly affect the price of gas. That’s because it’s one of the main concerns that voters currently have.
And with Democrats seemingly facing an uphill battle to retain control of even one chamber of Congress, let alone both, they want to land as many legislative wins as they possibly can before the election in November.
AAA recently reported that the average price of one gallon of regular gasoline sits at $4.134. That’s a massive 43.3% increase over the average price of $2.885 from this time last year.
Earlier in the week, Schumer talked publicly about his desire to move along a bill that would give the Federal Trade Commission more ability to stop the manipulation of gas prices throughout the country.
During a speech on the Senate floor Monday, Schumer said:
“There is something deeply wrong, deeply wrong, about seeing the largest oil and gas companies in the world drench top executives and wealthy shareholders with cash while Americans are struggling at the pump.
“Democrats are also discussing — and will consider — other potential action to beef up the FTC’s ability to crack down on price gouging in industries, including the oil industry. We will have more to say on this as the week progresses.”
The oil industry fired back quickly, saying that the bill that would give the FTC more power in this regard is “without merit.” The American Petroleum Institute has said that price gouging isn’t what’s increasing the price of gas for Americans.
Frank Macchiarola, the institute’s senior vice president of policy, economics and regulatory affairs, commented:
“This is an industry of price takers, not price makers, and repeated in-depth investigations by the FTC have shown that changes in gasoline prices are based on market factors and not due to illegal behavior.”
Other options for Democrats to address rising gas prices are a holiday on the federal gas tax and addressing issues with the supply chain.