Press Releases

Today, Congressman Salud Carbajal joined a majority of the U.S. House of Representatives to pass a measure aimed at lowering inflated gas prices by targeting oil companies making record profits on the backs of everyday Central Coast families.

“At a time when Central Coast residents and people across the country are feeling the pinch at the gas pump, I’m working in Congress to bring down costs. What’s infuriating is that, while California families bear the brunt of these costs, gas and oil companies are making record profits and lining the pockets of their shareholders,” said Rep. Carbajal. “Rather than lowering gas prices when oil prices drop, oil companies are taking in record profits and then using those profits to inflate their stock price instead of utilizing unused leases to increase supply or pass lower prices onto their customers. Gas and oil companies should be held accountable and should not be making the situation worse by gouging Americans at the pump – and that’s what we are doing with this bill.”

While families are struggling to pay higher prices at the pump, oil and gas companies are announcing record profits – with the largest seven oil companies announcing billions of dollars in stock buybacks.

Amid the Russian invasion of Ukraine and global market disruptions of oil, first quarter 2022 profits for oil companies still managed to top $35 billion – including $9.1 billion for Shell, $6.3 billion for Chevron, $6.2 billion for BP, and $5.4 billion for ExxonMobil.

The Consumer Fuel Price Gouging Prevention Act would enable the President of the United State to issue an Energy Emergency Declaration, making it unlawful to increase gas and home energy prices in an exploitative or excessive way.

The measure passed by Carbajal and the House today advances to the U.S. Senate for further consideration.