Referred to the Committee on Energy and Commerce, and in addition to the Committee on Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Lower Prices at the Pump Act prohibits gas and fuel sellers from charging unconscionably excessive prices or taking unfair advantage of circumstances to raise prices unreasonably during the period when military operations against Iran are ongoing and the Strait of Hormuz remains disrupted. The bill applies to both wholesale and retail gasoline and petroleum sales, and enforcement actions can be brought by the Federal Trade Commission, state attorneys general, and the U.S. Department of Justice. Violations can result in civil penalties enforced through the FTC and civil lawsuits by states, as well as criminal fines of up to $500 million for particularly large petroleum companies. Any penalty money collected is deposited into a Consumer Relief Trust Fund to support low-income households through energy assistance and weatherization programs. The prohibition ends once the President certifies to Congress that military operations against Iran have ceased and the Strait of Hormuz is fully open to global shipping.
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