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May 24, 2007
House Passes Bill Banning Gasoline Price Gouging
By Tina Seeley
May 23 (Bloomberg) -- The House of Representatives approved legislation today that would make gasoline price gouging a federal crime, subjecting companies to as much as $150 million in fines.
The 284-141 vote marks the second action the House has taken this week in response to record gasoline prices. Lawmakers yesterday approved a measure that would allow the Justice Department to file antitrust lawsuits against the Organization of Petroleum Exporting Countries, which provided 44 percent of U.S. crude oil imports in February.
Congress wants ``to show the American people we're serious about the high price of gasoline,'' Representative Bart Stupak, the Michigan Democrat who introduced the legislation, told reporters today at a press conference. ``We're going to drive that price down.''
The average U.S. retail gasoline price rose to a record $3.218 a gallon this week, according to the Energy Information Administration, the statistical arm of the U.S. Energy Department. The average has climbed 38 percent this year.
President George W. Bush has threatened to veto the gouging legislation.
Posted by Post Scripts at May 24, 2007 09:06 PM
Comments
Are they going to turn that legislation on themselves? If you took the state and federal taxes down a notch, gas would be a whole lot cheaper. They complain about record profits by the oil companies, at least it is a product the oil companies have something to do with producing. How about some leadership, by example?
Posted by: John F. at May 24, 2007 09:12 PM
You guys are embarrassing. I mean, pay attention! The rest of the planet has been paying $5 a gallon for the last ten years!
Your free ride has come to an end, and you had bloody well just better suck is up. Must we all listen to this astoundingly ignorant snivelling and whining? Are you really going to make WWIII over this? You bloody, spoiled, stupid, selfish cowards?
Well ... are you?!!
Posted by: Libby at May 25, 2007 12:20 AM
Sounds like someone didnt take their meds this morning.
Posted by: Toby Stahler at May 25, 2007 11:36 AM
But Libby, I thought you guys told us we went to war over oil? Shouldn't we be getting the employee discount? Go ahead, explain again how Bush went to war to drive the cost of oil up for his oil croanies. And remember we are the spoiled, selfish, stupid cowards who will actually do something when we are threatened, I mean other than glib commentary. After you explain that, explain again how global warming is causing record cool temperatures in the east.
Posted by: John F. at May 25, 2007 12:56 PM
In answer to Libby's question, uh, where's my button to launch WWIII? Dang, I can never find what I need around this place...always losing my glasses too!
Posted by: Jack at May 25, 2007 04:53 PM
Well, perhaps it 'twas a tad over the top. It was very late. But I mean, really ... boycotts !?! Who on earth do you think you're dealing with?
You really don't want the gas? Well, they'll sell it to the Europeans for $4.50 a gallon. Geez.
It is how it's always been. You'll get along on their terms ... or ... you'll learn to get along without them.
Posted by: Libby at May 25, 2007 07:43 PM
Congress wants ``to show the American people we're serious about the high price of gasoline,'' Representative Bart Stupak, the Michigan Democrat who introduced the legislation, told reporters today at a press conference. ``We're going to drive that price down.''
Yep...just like you did in the seventies...and as an added bonus...gas lines. They are soooooooooooo much fun...so is giving up "service" at the "service" station in favor of chips, pop....
Posted by: Tina at May 25, 2007 09:31 PM