Democrats in Congress call for new legislation to help with soaring gas prices

WASHINGTON, D.C. — On Thursday, Democrats in Washington went after oil companies who they say are pocketing huge profits while consumers pay the price.

House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer held a press conference at the Capitol promising new legislative efforts to lower gas prices.

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Democrats blame Russia’s invasion of Ukraine for the recent spike in gas prices.

They also say major oil companies have made more than $200 billion in profits in just the last year.

Democrats say the legislation they’re drafting would hold big oil companies accountable by forcing them to return some of their profits to customers by lowering prices.

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Republicans, on the other hand, are blaming the Biden Administration for the spike in energy prices.

“Americans are already struggling with high energy prices, thanks in part to the Biden administration’s hostility to domestic oil and gas production,” South Dakota Republican Senator and Senate Whip John Thune said. “I don’t think too many Americans are eager to see energy prices rise even further.

Senator Chuck Schumer countered. “The price is going up and up and up, and what are the big oil companies doing? They’re not improving production. They’re not paying their employees more. They’re not reducing prices to help our country.”

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Representatives from the American Petroleum Institute have said the oil and gas industry doesn’t set the prices consumers pay at the pump, which are impacted by global events like the Russian invasion of Ukraine.

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