Democratic lawmakers announced Wednesday, hours after a Republican rally to cap the gas tax, that they will fast track a bill through the General Assembly as early as next week to cap the gross receipts tax and prevent profiteering.

“We have ordered our legislative staff to immediately begin drafting language for a bill that will cap the gross receipt tax and protect consumers for profiteering by large oil companies,” Senate President Donald E. Williams, D-Brooklyn, said Wednesday in a statement. “The price of gasoline continues to rise and families need us to take immediate action. We expect a vote on our proposal to occur as early as next week.”

House Speaker Chris Donovan, D-Meriden, added that “By taking immediate action, we send a clear message: help is here for consumers and we’re not going to tolerate gouging by the big oil companies.”

Capping the wholesale price of gas at $3 will save consumers about 1.3 cents per gallon, according to the Independent Connecticut Petroleum Association.