The House of Representatives have passed the so-called no “gas price gouging” act. It is actually called the Federal Energy Price Protection Act. The details:

The House on Wednesday approved criminal penalties and fines of up to $150 million for energy companies caught price gouging, yet lawmakers acknowledged there is no quick and easy fix to higher pump prices.
…..
With bipartisan support, the House approved on a 389-34 vote a measure that would create a price-gouging law and permit large fines and jail time for violators.

What exactly does price gouging mean? Well, Congress stepped up to the plate here, too.

From the bill:

(b) Price Gouging-

(1) IN GENERAL- Not later than 6 months after the date of the enactment of this Act, the Federal Trade Commission shall promulgate, in accordance with section 553 of title 5, United States Code, any rules necessary for the enforcement of this section.

(2) CONTENTS- Such rules–

(A) shall define `price gouging’, `retail sale’, and `wholesale sale’ for purposes of this Act; and

(B) shall be consistent with the requirements for declaring unfair acts or practices in section 5(n) of the Federal Trade Commission Act (15 U.S.C. 45(n)).

What this means is that Congress has no clue what price gouging means, and has turned over the interpretation of that to the Executive Branch. But they’ll be able to campaign in the Fall. Thank goodness.

-k-

Bill sponsor is Heather Wilson (NM)
Cosponsors here.

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