Senator Catherine Cortez Masto, D-Nev., smiles onstage during the Democratic Party’s watch party on election night, Tuesday, Nov. 8, 2022.
Wednesday, Jan. 25, 2023 | 10:29 a.m.
Nevada U.S. Sen. Catherine Cortez Masto has reintroduced a bill seeking to give federal regulators tools to investigate unfair business practices in the oil and gas industry.
The Fair and Transparent Gas Prices Act, if passed, would give the Federal Trade Commission the authority and resources to investigate large petroleum companies that could be engaging in market manipulation or price gouging.
“Our families need relief at the pump,” Cortez Masto told the Sun. “The issue around gas prices was the No. 1 thing I heard from Nevadans.”
Cortez Masto introduced a similar bill under the same name in April 2022, months after Russia invaded Ukraine and caused a global spike in oil and gas prices that hit Nevadans especially hard in the wallet.
Combined with low domestic production of crude oil and increased demand last year, gas in Nevada rose to a record average price of $5.66 per gallon in June and went as high as nearly $7 a gallon in parts of the state, according to AAA.
Even in the throes of a national fuel emergency, Cortez Masto’s bill did not advance out of committee last year.
But just because gas prices aren’t at record highs, the senator said, doesn’t mean they shouldn’t still be a concern for regulators and the public.
“I think it’s important to continue to understand the issues around the gas prices,” she said. “So I am committed to talking with my colleagues on both sides of the aisle to really give what I think is important for the FTC the tools they need to study this.”
The legislation is being co-sponsored by Sen. Ben Ray Lujan, D-N.M., who in a statement said the bill would also increase accountability for the industry’s biggest players.
“Price gouging at the pump is unacceptable — especially when the wealthiest corporations are taking in record profits,” Lujan wrote. “I’m proud to introduce this legislation to increase accountability and lower costs for New Mexico families.”
Even still, they'll need to find supporters in both the Democratic-controlled Senate and Republican-majority U.S. House for the legislation to make it to President Joe Biden's desk.
The average price of gas today in Nevada, according to AAA, was $3.96 statewide, as compared to the national average of $3.48 per gallon. The latest AAA data ranks Nevada fourth nationally for the highest gas prices, behind Hawaii ($4.94), California ($4.49) and Washington ($4.09). New Mexico is averaging $3.38 a gallon.
“This is a study that is important for the FTC to start to move forward for and then report to Congress on what they have found,” Cortez Masto said. “As you well know, we’re tied to California so what is going on here? And why are these prices so high?”
States like Oregon, Arizona, Idaho and Colorado are also plagued with higher average gas prices compared to the national rate, AAA reported. That’s compelled Cortez Masto to find out why Western states are consistently among the top payers at the pump, she said.
“I can only tell you what I saw in Nevada, around rising costs for so many families,” she said. “It is about addressing the challenges that our working families in Nevada are dealing with right now. I’m committed to continuing lowering costs.”
