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GOUGE Act
12/30/2022, 12:04 AM
Summary of Bill HR 7751
The GOUGE Act aims to prevent businesses from taking advantage of consumers by significantly increasing prices for essential goods and services during these critical times. The bill would make it illegal for businesses to engage in price gouging and would establish penalties for those found guilty of this practice.
Additionally, the GOUGE Act would empower the Federal Trade Commission to investigate and take action against businesses that are suspected of price gouging. This would help to ensure that consumers are protected from unfair pricing practices and have access to essential goods and services at reasonable prices during times of crisis. Overall, the GOUGE Act is designed to protect consumers from price gouging and ensure that businesses act ethically and responsibly during times of emergency. It is an important piece of legislation that aims to safeguard the well-being of the American people during challenging times.
Congressional Summary of HR 7751
Government Oversight of Unpatriotic Greed in Energy Act or the GOUGE Act
This bill allows an exemption from the excise tax on gasoline, other than aviation gasoline, and the Leaking Underground Storage Tank Trust Fund financing rate, for the period beginning on the enactment of this bill, and ending on December 31, 2022 (gasoline tax holiday). It provides full reimbursement to states for any revenues lost due to the gasoline tax holiday.
The bill also imposes an excise tax equal to 50% of the windfall profit of certain large oil and gas companies, beginning in 2022.
The bill requires the Federal Trade Commission (FTC) to issue regulations prohibiting any sellers of crude oil, gasoline, or other petroleum distillate from engaging in price gouging. The FTC must investigate whether any oil company violated such prohibition during 2022, particularly during the period leading up to and after the Russian invasion of Ukraine on February 24, 2022, and impose specified civil penalties.
