Democrats to go after 'Big Oil' in gas price legislation -lawmakers

Democrats in the U.S. Congress said on Thursday they will propose legislation allowing federal and state agencies to "go after" oil companies on wholesale and retail sales practices, lambasting the industry over price gouging and profiteering.

As American voters express increasing concerns about the high prices of a wide range of consumer goods, including energy and food, Senate Majority Leader Chuck Schumer said passing legislation to bring down retail gasoline prices "is at the very top of our list." Neither Schumer nor House of Representatives Speaker Nancy Pelosi would say when such legislation will be voted upon or how much money it could end up saving consumers if enacted into law.

"Big Oil has profiteered and exploited the marketplace," Pelosi told reporters, noting companies' strong corporate profits over the past year. "They are hoarding the windfall while keeping prices high at the pump," she added.