Friday, May 25, 2007

House Passes Bill That Makes "Price Gouging" by Oil and Gas Companies a Federal Crime

On Wednesday, the House passed HR1252 (Federal Price Gouging Prevention Act) by a vote of 284-141, which would make the "unconscionable pricing of gasoline" during emergencies by oil and gas companies a federal crime. Section 3 imposes civil penalties, under the Federal Trade Commission Act, of not more than 3 times the amount of profits gained by the violation, or not more than $3 million. In addition to the civil penalties, the Act imposes criminal penalties under title 18 of the United States Code of $150 million for corporations and $2 million or not more than 10 years imprisonment for individuals.

The bill is currently under review by Senate Committee on Commerce, Science, and Transportation.

View text of HR1252.

Sunday, May 20, 2007


Lex Posterior is a legal update blog, with the goal of keeping track of recent law. Lex posterior (lex posterior derogate legi priori) is a legal concept that gives precedence to newer laws.