The law would, however, have a real effect here at home, since the newly created antitrust task force at the Department of Justice would have massive new oversight authority over domestic producers. Forcing domestic energy companies to comply with additional document requests and new regulations would do nothing to encourage additional production here either—to the contrary, it would act as another drag on the industry and discourage new production.

Another piece of legislation championed by the House Majority, the "Energy Price Gouging Act" would create new penalties, fines, and possible jail time, for anyone in the energy supply chain found to inflate the price of energy “artificially.” The federal government already has the power to investigate charges of price gouging, so this legislation would do little other than to discourage companies to do business, particularly in times of disaster or when supplies are short and price increases are an economic necessity.

The big losers from this ham-handed approach to policy are consumers. While there are certainly many factors at work in energy markets, supply and demand remain the basic factors that determine price. The problem we face today is that while demand for energy has grown dramatically, supply has not.

Many policymakers—particularly those on the Left who want to be seen as both environmentally friendly and a champion of the little guy—are uncomfortable with this simple fact. They damn the energy companies for high prices but work with environmental groups to prevent additional exploration and refining capacity. They’re used to cognitive dissonance, but don’t want voters to make the connection between their policies and its consequences.

If drivers are hoping for relief at the pump this summer, it’s not going to come from Capitol Hill.