Federal ban on fuel price gouging during energy crises
This law aims to protect drivers and consumers from unfair price increases for gasoline and other fuels during energy crises. The President can declare an emergency, during which sellers cannot set excessively high prices by taking unfair advantage of the situation. The Federal Trade Commission (FTC) and state attorneys general will be able to impose high financial penalties on companies violating these rules, ensuring price stability during difficult times.
Key points
Establishes a federal prohibition on unconscionably excessive pricing of gasoline and other fuels during energy crises proclaimed by the President.
Companies violating the ban face civil penalties up to $100 million or criminal fines up to $500 million.
State attorneys general are authorized to bring civil actions against retail sellers on behalf of state residents, enhancing consumer protection.
A price is considered unconscionably excessive if it grossly exceeds the average price from the 30 days prior to the crisis, unless the increase reflects additional, uncontrollable costs.
Status:
Expired
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