House OKs Penalty for Gas Price Gouging

[ieffinhatecardio]

I'm willing to bet this will have no effect on gas prices. I wonder if it's a coincidence that gas prices are soaring as we head into the time of the year when Americans do the most driving. Gas up here is now $3.10 - 3.15 a gallon and climbing for 87 octane.

http://apnews1.iwon.com//article/20070523/D8PA89C00.html

By H. JOSEF HEBERT

WASHINGTON (AP) - The House, eager to do something about record high gasoline prices in advance of the Memorial Day weekend, voted narrowly Wednesday to approve stiff penalties for those found guilty of gasoline price gouging.

The bill directs the Federal Trade Commission and Justice Department to go after oil companies, traders or retail operators if they take "unfair advantage" or charge "unconscionably excessive" prices for gasoline and other fuels.

The White House called the measure a form of price controls that could result in fuel shortages. It said President Bush would be urged to veto the legislation should it pass Congress.

The bill needed the approval of two-thirds of the members of the House because the leadership considered it under an expedited legislative process. Thus, the 284-141 vote was only one over the threshold for passage. A similar measure is being considered by the Senate.

The bill would for the first time create a federal law making energy price gouging illegal. It would cover not only gasoline, but also other fuels such as natural gas and heating oil.

Rep. Bart Stupak, D-Mich., its chief sponsor, in urging his colleagues to support the bill said the issue was whether "to side with Big Oil (or) ... side with consumers who are being ripped off at the gas pump."

But Stupak was forced to soften the bill so that he could get it passed by requiring a president to first declare an energy emergency before the anti-gouging law could be enforced. Oil-state Democrats had wanted such limits.

The bill calls for criminal penalties of up to $150 million for corporations and up to $2 million and a jail sentence of up to 10 years for individuals found to be engaged in price gouging.

Opponents said the legislation was too vague and amounts to price controls.

"I don't know what 'unconscionable excessive' means," Rep. Joe Barton, R-Texas, complained, referring to a phrase that would trigger a price gouging prosecution.

Barton said today's high gasoline prices are the result of supply and demand and not price gouging. "Demand has gone up and supply has not gone up. ... and the price has gone up," said Barton.

The White House said the administration "strongly opposes" the bill and the president would be urged to veto it if it passes Congress.

It "would harm consumers, the very people the bill is touted to protect," said a White House statement to lawmakers. It said price gouging legislation would amount to "price controls and in some cases bring back long gas lines reminiscent of the 1970s."

Oil company lobbyists have argued that when there are tight markets and rising prices, the vague gouging definition would inhibit refiners and retailers from adding supplies for fear of being taken to court.

"Mom and Pop grocer and gasoline station owners can't wonder what every court is going to decide," said Rep. Roy Blunt, R-Mo., the minority whip. He said the law would create "undue hardship for ... people trying to make a living."

But the bill's supporters argued that states can't combat energy price gouging, leaving motorists at the whim of arbitrary oil company pricing. Twenty-nine states currently have energy price gouging laws, but they vary in detail and under in terms of what conditions would trigger them.

[headhuntersix]

Yeah great thanks congress..thank u..assmonkeys....

[headhuntersix]

Hey how about spending all state and federal taxes on gas for 3 months..3 friggen months.

[boonstack]

It's happening bc "they" CAN do it-- we wont stop buying gas. ever. Too lazy for alternative transportation. If all the truckers stopped their routes for about a week-- I'm sure this shit will stop.

[ieffinhatecardio]

We can't stop buying gas, we're a nation that's completely dependent on gas burning vehicles. Recreational driving could be lessened but as a percentage of all gas used I'd guess that's a very small amount.

This is why it's so infuriating that there are no other truly viable alternative fuel sources on the horizon. We're held hostage by the internal combustion engine burning fossil fuel to maintain our way of life.

[headhuntersix]

This weekend I need to fill an SUV (Expedition), my 2007 Jeep Wrangler, a 22 foot boat and my 4 wheeler. Yes all self inflicted but for crying out load..2.50 is not unreasonable. $3.39 so the mobile or BP guy can buy an Island come on.

[240 is Back]

actually gas futures dropped - news is that reserves are actually up.  Prices should drop shortly.  those who own stock believe so.

I'll believe it when I see it tho@

[Dos Equis]

This weekend I need to fill an SUV (Expedition), my 2007 Jeep Wrangler, a 22 foot boat and my 4 wheeler. Yes all self inflicted but for crying out load..2.50 is not unreasonable. $3.39 so the mobile or BP guy can buy an Island come on.

I'll be filling up my car this afternoon.  I hate the gas company cartel.   

[headhuntersix]

Well i hope so..they did say that this would happern..prices raising and then fall about July or so when production comes back on line..its all still bs.

[headhuntersix]

I'll be filling up my car this afternoon.  I hate the gas company cartel.   

I

I'm almost afarid to ask..how much in Hawai

[Dos Equis]

I

I'm almost afarid to ask..how much in Hawai

We're around $3.40 or so for the cheap stuff.     More on the neighbor islands.  Costs me over $50 to fill up. 

My kids are almost on summer break and I'll be catching the bus to work the day after school is out for them.   

[240 is Back]

we all know this happens.  busines owners (big oil) will sell the product at the highest price possible. while idiots will always make excuses (they wouldn't do that!! CTer!) it's very true they would and do.

people stop travelling, stop driving so much.  people sell gas futures and yes, reserves do pile up.  the market corrects itself.

[w8tlftr]

70 bucks to fill up the Touareg the other day. 

[Old_Rooster]

I saw a 17 or 18 year old kid yesterday, he put $1.76 of low grade in his jeep.  He looked very very sad.
I laughed.

[The Enigma]

I saw a 17 or 18 year old kid yesterday, he put $1.76 of low grade in his jeep.  He looked very very sad.
I laughed.

Too damn funny!! Yesterday, I filled up my S550 Benz for 95.00, it only gets about 9-10 mpg city, so I'll be back for more soon!!!

I love our energy president. 

[headhuntersix]

70 bucks to fill up the Touareg the other day. 

Dude where the hell are u..thats crazy

[w8tlftr]

Dude where the hell are u..thats crazy

I live in the Baltimore/DC Metro area.

The traffic sux and the commutes are long.

But the pay in the IT field is sweeeeet.

So while I can afford to gas my SUV a lot of hard working Americans can not.

Why this country isn't energy independent defies logic. Nothing would make me happier than to see the western world shake it's crack addiction of Middle Eastern oil so those diaper-heads had no power of us.

Now before anyone says the obvious BOTH parties share the blame in this.

[Old_Rooster]

Too damn funny!! Yesterday, I filled up my S550 Benz for 95.00, it only gets about 9-10 mpg city, so I'll be back for more soon!!!

I love our energy president. 

If I thought it would drive the price up, i'd squirt some of that gaZoline on the ground after filling up me tahoe.

Its fantastic these young kids and their boom sounding rap crap don't seem to bother me as much at the redlights anymore.
Poor tots can't afford to just cruise anymore.  Good stuff.  I hope it goes to 5 bucks a gallon.

[The Coach]

 It's expensive but we're still cheaper than europe.

[militarymuscle69]

Hey how about spending all state and federal taxes on gas for 3 months..3 friggen months.

In Missouri last year a bill was proposed that would have eliminated the Gasoline tax for 2 weeks during the peak of summer....The Gov shot it down.

[militarymuscle69]

actually gas futures dropped - news is that reserves are actually up.  Prices should drop shortly.  those who own stock believe so.

I'll believe it when I see it tho@

It might drop, but since they had it to $3.30 here in MO, they will drop it to $3.00 and everyone will be like phew, that is what they do, raise it sky high and then drop it to where it is still higher than it was before.

[Old_Rooster]

It might drop, but since they had it to $3.30 here in MO, they will drop it to $3.00 and everyone will be like phew, that is what they do, raise it sky high and then drop it to where it is still higher than it was before.

Hmmmm, thats how I do my gym dues:)

[The Enigma]

If I thought it would drive the price up, i'd squirt some of that gaZoline on the ground after filling up me tahoe.

Its fantastic these young kids and their boom sounding rap crap don't seem to bother me as much at the redlights anymore.
Poor tots can't afford to just cruise anymore.  Good stuff.  I hope it goes to 5 bucks a gallon.

I'm hoping for 10.00 gas. Keep everyone off the roads.

[Old_Rooster]

I'm hoping for 10.00 gas. Keep everyone off the roads.

Nah, I can afford that, i'm debt free baby!

[militarymuscle69]

I'm hoping for 10.00 gas. Keep everyone off the roads.

shows you know alot about how the economics of America work...lmao..what a clown. Don't you have a triple bypass to pretend to do or something