Cortez Masto introduces bill targeting oil companies

U.S. Sen. Catherine Cortez Masto, D-Nev., looks on during a meeting with supporters, Monday,...
U.S. Sen. Catherine Cortez Masto, D-Nev., looks on during a meeting with supporters, Monday, Nov. 7, 2022, in Henderson, Nev. (AP Photo/Gregory Bull)(Gregory Bull | AP)
Published: Jan. 25, 2023 at 11:36 AM PST
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WASHINGTON D.C., Virginia (KOLO) - Nevada Senator Catherine Cortez Masto is one of two Democratic Senators who have introduced a bill they hope will temper gas prices and bring increased scrutiny to the oil industry.

The Fair and Transparent Gas Prices Act would give the Federal Trade Commission greater latitude to investigate unfair practices, give greater market transparency, and aim to prevent price gouging.

The legislation would also recommend action to prevent behavior harmful to consumers, including the buying back of stocks from shareholders.

“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.”

New Mexico Senator Ben Ray Lujan was the other Democrat to introduce the legislation.

“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 raking in record profits,” said Senator Luján. “I’m proud to reintroduce this legislation to increase accountability and lower costs for New Mexico families.”