Why did Republicans vote against Oil and Gas Price Gouging?

>Why did the GoP vote against the government getting involved.
Because the the government cant do shit right, when they start putting caps on prices thats when shit goes tits up.

It's not "gouging", it's simply the law of supply and demand. The root problem is that there isn't enough oil. Democrats finally got what they've wanted all these years, less oil. Now everyone is trying to outbid each other for the scarce supply.

I'm going to agree with these two. This must be the status quo when the rest of the Anglosphere assumes it's this sort of shit.

Why did Joe Biden kneecap our oil production allowing this to happen in the first place?

Because price controls are Venezuela-tier retardation when it comes to economics. You can't tell a company at what price it needs to sell its goods to turn a profit and stay in business. We have markets for a reason.

I'm sure the democrats filled it with pork, then when the Republicans don't pass it they reeee!!! About how the Republicans hate the working class and blame them, Happens every time.

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Price controls are retarded.

making it illegal to price gouge gas and oil is fucked up?

I don't know. Price controls worked great in Venezuela.

Yes

literally google it

The House of Representatives passed a bill along party lines Thursday that seeks to lower gas prices by cracking down on alleged price gouging by energy companies.

The House vote was 217-207: no Republican supported the bill, suggesting it's likely headed for failure in the Senate.

The Consumer Fuel Price Gouging Prevention Act would grant the president authority to issue emergency energy proclamations and make it illegal to increase gas and energy prices in excessive and exploitative ways. It would also expand the Federal Trade Commission's power to investigate and address possible price gouging by oil and gas companies.

Price regulations don't work. No one wants to sell at a loss, so they just shut down production or sales. Happened in 1974 when the Saudis sanctioned the US and refused to sell to us because the US was against human rights abuses in Zionist occupied Palestine.

High prices mean high profits, and other suppliers fill the void. It looks at the surface, "Gouging is OK!" But it means the Repubs understand basic economics.

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Surely, this wouldnt lead to lower quality gasoline that will destroy your engine in just a couple of years, which will force people to move towards electric cars.

price gouging is the opposite of selling at a loss, retard

I'll bet they're gouging a little bit. But to what degree? Probably not to the point where it should be somewhere around 3 at most and it's approaching 5! There's clearly a supply problem and the government keeps trying to shift blame.

And they keep shifting the blame shifting lol
>it's price gouging
>it's putins fault
>it's the republicans

It'll bet it shifts to "white supremacy" at some point

who would vote for price controls? only fucking retards who dont understand anything and are scared of ever letting go of their jewish propoganda baby bottle

its literally just price gouging

it would limit the profit margins on gas so it could remain profitable without being exploitive

Adding that Nixon put a price cap on gasoline. Just accept the shitty situation that prices are high, but at least it's available. Gas stations ran out, because no one wants to sell at a loss. The solution is to allow oil companies to lease federal land for pumping.

100% this. Pork and poison pills.

it wasn't, you can look up the bill yourself. this is all public information. you dont need to bet or assume anything.

No it will just cause more shortages. Look around you user. Does anything think democrats know how to run an economy?

explain how it would cause more shortages

The oil companies make highest profits with Democrats in the WH, this has been the case for decades...Dems have to put forth this garbage bill to lead the sheep to believe Dems are trying to do something for the damage Biden has caused. In this bill, there are no price thresholds offered.

There is a limited supply and potential buyers try to outbid each other for it. Price controls don't increase supply, in fact it reduces it. How do you pick the winner with capped prices. By lottery? That means oil isn't getting to where it optimally belongs, i.e. the most profitable industries and the most valuable workers.
Allocating oil by auction allows engineers to get to work over some McDonald's cook. It allows food to be transported over some junky Chinese trinket.

Just skimmed through it
congress.gov/bill/117th-congress/house-bill/7688/text
And the only thing I found that republicans could complain about, is sending the collected money to niggers (low income energy assistance program)

Its been explained many times itt including in posts you have responded to already. Nobody wants to sell at a loss. Oil companies will just send their limited supplies to markets they can make market rates in. The problem is a lack of supply.

>b-but why did republicans do thaaaat???
lmao you dont even realize how fucked you are.

twitter.com/Breaking911/status/1527411444035244039

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Because like all things the democrats touch. It will only cause shortages and high prices
>inb4 no it won't
Well I can sell gas to Europe for 10 dollars a gallon or I can be kneecapped and have to sell it for 3.57 in the states. Well that's a real tough decision isn't it

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care to show some citations for that false claim? Were you not alive during Bush? Haliburton?

Oil is diverted to foreign markets where there aren't price controls. The least efficient oil rigs become unprofitable to run and shut down.

Isn’t price gouging already illegal?

>Democrats make bill
>fill it with pork spending, faggot awareness, and kickbacks
>name it "Widows and Orphans Justice Act"
>act like anyone who opposes pork spending or woke crap is guilty of kicking orphans
Meanwhile...
>Republicans make bill
>it's just about making sure teachers are teaching actual school subjects to children
>Democrats dub it the Don't Say Gay Bill
>use their own words as evidence of why Republicans are straight white males and that's a bad thing here's why
Every fucking time

every source says this was a disaster.
democrats are retard level historians.

chicagotribune.com/news/ct-xpm-2007-06-07-0706061080-story.html

Nixon kept the wage-and-price controls on oil, gasoline and petroleum products in place, as did Presidents Gerald Ford and Jimmy Carter. The results were disastrous. Oil exploration and domestic oil production slowed sharply. And foreign oil poured into the nation's gas tanks, filling the booming demand for price-controlled gas

How would the price reduce the supply? wouldnt they be motivated to sell more to make more profits? Like if hamburgers were cheaper at mcdonalds were cheaper, they would then sell less of them? makes no sense.

You didn't understand what I said. One man's gouging is another man's fair price. After a huge windstorm, prices for generators go up as they get sold out. The marketplace has such high prices that people will drive to other states and sell generator at a profit. Without this "gouging" there would be no supply, and people would have all their refrigerator items rot, etc.

Capping profits is not selling at loss. Record profits doesnt indicate theyre near to selling at a loss, youre a fucking bootlicker.

Because that leads to gas shortages, jimmy carter 2.0

They can sell the same amount elsewhere at higher prices.

Yes exactly

Sanctions on Russia are working so well that the US is turning communist

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>Capping profits is not selling at loss.
Yes it is. They are losing what can be made were there not price controls. This stupid shit has never worked. Its been done in america before you know. The result was rationing and gas lines.

ok retards who didnt bother to read the bill, it includes a provision for government emergency supply control too to prevent this from happening

See You need to just read an economics book. Supply is proportional to price. In general, at higher prices, more money is invested in production as it beats out other investments or opportunities.

Nope. Biden killed drilling on federal land, and rescinded some of the Trump laws that loosened production restrictions. We can argue about environmental concerns vs energy supply, but that kind of shit has an effect.

Biden isn't totally lying when he says the war in Ukraine is part of the problem. Russia is still exporting a lot of energy, but some of their oil has been sanctioned. With a high demand and already limited supply, the prices will go up.

But it's not 100% Putin's fault. And if you put everything together, the prices are clearly not just "literally price gouging"

>A classic example of how price controls cause shortages was during the Arab oil embargo between October 19, 1973, and March 17, 1974. Long lines of cars and trucks quickly appeared at retail gas stations in the U.S. and some stations closed because of a shortage of fuel at the low price set by the U.S. Cost of Living Council. The fixed price was below what the market would otherwise bear and, as a result, the inventory disappeared. It made no difference whether prices were voluntarily or involuntarily posted below the market clearing price. Scarcity resulted in either case. Price controls fail to achieve their proximate aim, which is to reduce prices paid by retail consumers, but such controls do manage to reduce supply.

The government cant force a international corporation to do busness in the US.

if you want cheap gas, just start your own gas industry and distribution network. fucking retards, i swear

It's already illegal.

I have been alive since the Carter administration kid...and not only do higher oil profits come from Dems, but inflation also goes hand and hand with Dem presidents. You dont need a source, you need a lobotomy and more experience in life. Since oil companies have profited more from Dems, oil company donations to Dem candidates have been on the uptick...it is all public information.

>price gouging bill
Because almost no bills with a name like that are actually what they claim to be

These are american corporations drilling on federal land

Looks like you found the fly shit in the sugar.

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Then the producers won't make more oil and gas, since they'll be working at a loss.
Have you ever wondered why communist countries kill their farmers?

Joe buys gas at $10 a gallon.
Mike is in a price-controlled area that only allows you to sell it at $5.

You are the seller. Where do you sell? Now who has no gas at all?

This is what happened when the Saudis punished the US for collaborating with the Israeli Jews.

google it

show me a chart or single source and not just "i feel like"

At the state level. I don't think there is a federal law. But I could be wrong