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Surging Oil Prices * USA - House moves on
The House, eager to do something about record high gasoline prices in advance of the Memorial Day weekend, voted narrowly Wednesday to approve stiff penalties for those found guilty of gasoline price gougingWashington,DC,USA-Associated Press, by H. JOSEF HEBERT -23 May 2007: -- ... The bill directs the Federal Trade Commission and Justice Department to go after oil companies, traders or retail operators if they take "unfair advantage" or charge "unconscionably excessive" prices for gasoline and other fuels... The White House called the measure a form of price controls that could result in fuel shortages. It said President Bush would be urged to veto the legislation should it pass Congress... The bill needed the approval of two-thirds of the members of the House because the leadership considered it under an expedited legislative process. Thus, the 284-141 vote was only one over the threshold for passage. A similar measure is being considered by the Senate... The bill would for the first time create a federal law making energy price gouging illegal. It would cover not only gasoline, but also other fuels such as natural gas and heating oil... (AP Photo: High gas prices posted at this Shell gas station in San Mateo, Calif., Monday, May)
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