Luján, Cortez Masto Fight for Fair and Transparent Energy Prices Amid Trump’s War in Iran

Washington, D.C. - Today, U.S. Senators Ben Ray Luján (D-N.M.) and Catherine Cortez Masto (D-Nev.) introduced legislation to help combat high gas and energy prices in New Mexico and across the country. The Fair and Transparent Gas Prices Act would require the Federal Trade Commission (FTC) to investigate anti-competitive, collusive, or other illegal activity that artificially raises the price of oil and gas paid by consumers. This legislation comes in the wake of President Donald Trump's war in Iran, which has already dramatically raised gas prices globally.

"As New Mexican families struggle to afford groceries and keep their lights on, President Trump's illegal war in Iran is driving up gas prices and stretching families' budgets even thinner," said Senator Luján. "Trump is destabilizing oil markets, leaving the door open for oil companies to take advantage and overcharge consumers. That's why I'm introducing the Fair and Transparent Gas Prices Act, directing the Federal Trade Commission to crack down on illegal activity driving up gas prices and ensure oil companies aren't taking advantage of hardworking families."

"Donald Trump's reckless war-of-choice in Iran has drastically increased gas prices nationwide, squeezing working families' budgets even further," said Senator Cortez Masto. "However, this destabilization of the oil markets is also an opportunity for corporate greed. We must ensure that Trump's friends in the oil and gas industry aren't taking advantage of the chaos to rake in record profits at the expense of hard-working American families."

The Fair and Transparent Energy Prices Act would provide the FTC with $15 million annually to hire fifty additional investigators and enforcement personnel, tasked with rooting out any illegal price-gouging by oil and gas companies. The FTC would conduct any investigations in coordination with state attorneys general. This legislation would also require the FTC to provide investigation status reports to Congress. Read the full bill here.

Senator Luján has consistently worked to lower costs for New Mexicans and ensure fair, transparent pricing. Last week, during a Senate Committee on Commerce, Science and Transportation hearing with the Trump-appointed FTC chair, he pressed for answers on the agency's compromised independence and its failure to combat skyrocketing grocery and fuel prices. Watch his remarks from the hearing here.

###