Rogers Supports Price Gouging Legislation

Rogers Supports Price Gouging Legislation

In an effort to protect consumers from artificially high gas prices, the U.S. House of Representatives passed legislation that would make price gouging a federal crime. U.S. Congressman Hal Rogers (KY-05) voted in support of the legislation.

"With gas prices skyrocketing, I believe the federal government should do everything possible to prevent price gouging and determine if energy companies are enjoying an unfair windfall of profits," said Rogers. "This legislation is a critical step in protecting consumers from artificially high gas prices. It is my hope that the U.S. Senate will quickly act to pass this legislation so we can get these protections in place before the busy summer travel season gets underway."

H.R. 5253, the Federal Energy Price Protection Act, prohibits price gouging in the market for gasoline, diesel fuel, crude oil, home heating oil and biofuels. The measure directs the Federal Trade Commission (FTC) to legally define price gouging and authorizes criminal penalties and stiff fines for anyone engaged in price gouging. Violators could face penalties of up to $150 million for refiners and other wholesalers and $2 million for retailers.

The price gouging legislation was approved by the House on May 3, by a vote of 389-32. The measure now goes to the U.S. Senate for consideration.

http://halrogers.house.gov/Read.aspx?ID=64