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Neocon Nuttery See other Neocon Nuttery Articles Title: House passes gas price-gouging bill The profiteering bill aims at preventing gas stations from running up prices that are 'unconscionably excessive.' May 23 2007: 4:09 PM EDT WASHINGTON (Reuters) -- The Democrat-led House approved legislation Wednesday that would give the Federal Trade Commission more authority to probe price profiteering from gasoline and other refined products. With average U.S. pump prices at an all-time, inflation-adjusted high of $3.22 a gallon, the House voted 284-141 for the "Federal Price Gouging Protection Act," which bans sellers from charging prices that are "unconscionably excessive," or take "unfair advantage" of consumers. It was the second energy-related bill the House passed in as many days, after it voted Tuesday to give the FTC the authority to sue members of the OPEC producers group for price manipulation. The Bush administration has threatened to veto both bills, warning that they could pinch supplies. The profiteering bill is meant to prevent gasoline stations from running up prices in the face of a catastrophe like the hurricanes that hit the Gulf Coast region in 2005. Bill sponsor Rep. Bart Stupak, Michigan Democrat, said the legislation is "a first step in addressing the outrageous prices we are seeing at the gas pump." The Senate could weigh energy legislation that includes anti-profiteering measures in June, Majority Leader Harry Reid told reporters. The House bill would give the FTC "the explicit authority to investigate and punish those who artificially inflate the price of energy," and require offenders to pay triple damages, or up to $3 million, for charging "unconscionable prices." Some Republicans said the bill sets vague definitions of what price would qualify as "unconscionable" and would do nothing to combat high pump prices. "It's a flawed bill - the definitions are not there," said Rep. Joe Barton, Texas Republican. The White House warned lawmakers the bill creates a "vague and arbitrary regulatory regime," which would spur lawsuits and maybe even "bring back long gas lines reminiscent of the 1970s." Oil industry trade groups also oppose the bill, saying high prices have come from market conditions, not manipulation. "Price-gouging legislation is a solution in search of a problem and totally contradicts the advice given by the Federal Trade Commission," said Charles Drevna, executive vice president of the National Petrochemical and Refiners Association. The FTC has not uncovered any anti-competitive behavior or other illegal business practices by oil companies that have caused current record gasoline prices, an agency official told reporters Wednesday.
Poster Comment: Hoooo boy! Now that the government's involved I'm sure things will get much better. Better start planning on waiting in line for hours for your gas ration.
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