Because after all, the terms are vague and undefined, leaving those potentially accused with no way of knowing if they are in compliance.

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 gouging.

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.

Define "unfair advantage" What is an "unconscionably excessive" price for a product? There really is no standard for measuring either -- especially if one is not out to repeal the law of supply and demand (take ECONOMICS 101 at your local community college for details). What next -- Hugo Chavez-style nationalization of oil companies?

Get that veto pen out, Mr. President -- this bill is awful.

Posted by: Greg at 10:36 PM | No Comments | Add Comment
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