The House of Representatives, eager to do something about record high U.S. gasoline prices in advance of a holiday weekend, approved stiff penalties Wednesday for those found guilty of price gouging, according to dpa. The bill, approved by a vote 284-141, 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 George W. Bush would be urged to veto the legislation should it pass Congress.
