Congressman Adam Schiff is proposing new legislation that would cut gas prices and tax oil profits

LOS ANGELES (KABC) — A California congressman is introducing new legislation to cut gas prices. This comes as Los Angeles County hit a new record high for gas prices on Tuesday.

The Auto Club reports that the average for a gallon of regular gasoline is $6.17. That’s 10 cents more than a week ago and 35 cents more than this time last year.

Gas prices continue to shock drivers at the pump. Many drivers Eyewitness News spoke to said they often have to choose between shopping for groceries and filling up their gas tank.

“You’re really rude, but I still have to do what I have to do,” Precilla Magana said. “So I just try not to look at the number.

Congressman for California’s 28th District, Adam Schiff, introduced legislation to help consumers identified as the Federal Gas Tax Suspension and Windfall Profits Tax Act.

READ MORE: SoCal drivers heading home on Memorial Day encounter higher gas prices

If passed, the federal gas tax will be suspended until the end of 2023.

If implemented now, that would equate to an 18.3 cent per gallon drop at the pump.

Schiff says Big Oil can handle it since their profits have skyrocketed.

“300% profit increase, so don’t let anyone tell you this is just the supply chain or even just war in Ukraine,” Schiff said. “That’s rubbish too [profiteering] Excess profits and exploitation by the oil industry at the expense of American consumers.”

That taxpayer money usually goes to infrastructure projects like freeway construction and mass transit projects across the country.

“To ensure the federal highway trust fund maintains its solid funding, this bill would push big oil majors to cover those costs through a new windfall profits tax,” Schiff said.

Raul Rodriguez, a senior, rides his bike to save money. He said he also had to cut down on groceries.

He is encouraged by the introduction of this legislation in Congress.

“Stop being greedy,” Rodriguez said. “Greed has taken over this country. Think of the people who live on steady incomes, think of the families and be more generous.”

Copyright © 2022 KABC Television, LLC. All rights reserved. Congressman Adam Schiff is proposing new legislation that would cut gas prices and tax oil profits

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