House OKs Bill Calling for Fines for Gas Price Gouging
The House on Wednesday approved criminal penalties and fines of up to $150 million for energy companies caught price gouging, yet lawmakers acknowledged there was no quick and easy fix to higher pump prices.
President Bush summoned Democrats and Republicans to the White House to discuss legislation to address long-term energy concerns.
“The price of gasoline should serve as a wake-up call ... that we’ve got an energy security problem and a national security problem and now is the time to deal with it in a forceful way,” Bush said after the meeting.
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.
The Senate has yet to consider the legislation.
The House rejected a Republican bill that supporters said would make it easier to build refineries in hopes of easing tight gasoline supplies.
All but 13 Democrats opposed the latter measure, intended to quicken the permitting process. They said it would not bring down gas prices and could lessen environmental protection and usurp local say on where refineries are located.
Under the bill that was approved, sponsored by Rep. Heather A. Wilson (R-N.M), the Federal Trade Commission and Justice Department would have power over energy price gouging.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
