Guardian UK:

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.