Highest Gas Prices In History

In the fasome say are America's highest average gas prices ever, the U.S. House of Representatives has passed the Federal Price Gouging Protection Act which permits the government to charge offending enterprises up to $3 million for "taking unfair advantage of consumers".

If the legislation passed, seems like every gas station in America should steel itself for a lawsuit from the Federal Trade Commission. But critics say that the bill's loosely defined terms give federal researchers little in the way of "teeth" to chew the cud of ruthless petrol profiteers.

Plus, President Bush has promised to veto any such legislation under the pretext that such improved oversight powers given to the FTC might pinch energy supplies. Yeah, what he said.

I guess there's little doubt whose side this president is on. It sure ain't the motorists of America.

[Source: Reuters]. Posted by: Gunnar Heinrich    Source