House to Take Up Anti-Price Gouging Bill

[Rose Siding]

WASHINGTON -- Worried about the political heat from high gasoline prices, the House is preparing to vote on a bill that would impose criminal and civil penalties on any energy company caught price gouging.

The legislation, offered by Rep. Heather Wilson, R-N.M., calls for penalties of up to $150 million for refiners and other wholesalers and $2 million for retailers.
...
A separate bill would streamline the permitting process for refinery expansion or construction of a new refinery....

Rex W. Tillerson, chairman and CEO of Exxon Mobil Corp., defended the company's record profits and high gas prices in an interview on NBC's "Today" show Wednesday....."The profit we earn is what the market gives us ... the price is set on the open market."
...
Congressional Democrats, meanwhile, chided Republicans for now pushing a proposal that Democrats tried to get through last fall after the run-up of gasoline prices in the aftermath of Hurricane Katrina.

http://www.washingtonpost.com/wp-dyn/content/article/2006/05/03/AR2006050300367.html

[FloridaPat]

1. Wonder when they will investigate the California energy crisis

of 2001 was it? Somewhere around there.That's our congress - corporations first and people second only during election years. Otherwise second is small businesses followed by - congress.

[Cyrano]

2. It's an election year and the thugs have to put on a show for our benefit.

But don't hold your breath waiting for prices to fall before Sept. or Oct.

It it were not an election year, we'd probably be paying $6/gallon by now.

[meow2u3]

3. There's a loophole built into this bill

If you read the article carefully, you will notice that the bill requires the Federal Trade Commission--part of the executive branch--to define price gouging. Given the massive, rampant corruption of this current executive branch, I wouldn't be surprised to see the FTC define price gouging in a way that punishes small retailers severely while letting Big Oil get off scot-free.

Nothing will change fundamentally unless we use the common definition of price gouging: a price hike of over 10%. I think this bill provides nothing but cosmetic changes, since election-year moderates from the repuke party introduced this watered-down version of a bill Dems have been trying to push since Katrina hit.

[William Seger]

4. No point in "taking up" ANY bills....

... as long as Bush* is allowed to issue a "signing statement" that he's going to ignore them. Impeach, or go home.

[DELUSIONAL]

5. Excellent point -- Congress: either Impeach or go home

[TheFarseer]

6. a lot of good that will do us

when they insist they can't find any gouging