H.R. 7751 · 117th Congress
GOUGE Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NorcrossSponsorNo cosponsors.
Government Oversight of Unpatriotic Greed in Energy Act or the GOUGE Act
What it does: CRS summary · Introduced in House · May 12, 2022
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: GOUGE Act
Also known as: Government Oversight of Unpatriotic Greed in Energy Act
Latest action (May 12, 2022): Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Taxation · Origin: House · Introduced: May 12, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.