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5/19, 6:55 PM (Source: TeleTrader)
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US House passes anti-gouging gas bill

The House of Representatives approved the "price gouging" legislative on Thursday, aimed at preventing market manipulation, which the House blames for record-high fuel prices in the country.

The new bill would make it illegal to sell fuel at an "excessive" price during an energy crisis. The law will give the Federal Trade Commission (FTC) the authority to take legal action if "price gouging" is discovered. This week, gas prices reached new highs amounting to $4.59 a gallon.

The legislation will require the support of ten Republicans in the Senate in order to pass, as it was approved by 217-207 votes in the House, with no Republicans voting in favor of the bill. "What’s infuriating is that this is happening at the same time that gas and oil companies are raking in record profits and then putting those dollars into stock buybacks," commented bill sponsor Republican Kim Schrier.

Baha Breaking News (BBN) / AB