More Ranting on Price Gouging

I don't like to sound like a broken record; but, this price gouging shit is getting out of control. Via CQ (subscription required) I read that the Senate Judiciary Committee approved by voice vote today a bill that would amend antitrust law to make it illegal for oil and gas companies to withhold or divert supplies with the intent of driving up prices. The bill also calls for new investigations into whether oil companies are engaging in unfair practices and whether the federal government is doing enough to guard against excessive industry consolidation.

At least one Senator has a brain:

Some Republicans have expressed concern that it would burden the industry, ultimately hurting consumers.

"It has some breathtaking language," said Sen. Jeff Sessions, R-Ala., pointing to the provision making it illegal to withhold or divert sales in order to raise prices. "That's what the futures market is all about ... would that language have the effect of eliminating the futures market?"

Specter responded that the bill would require evidence that a company or person was intentionally seeking to drive up prices, so it would not effect honest players in the markets.

Sen. Specter obviously has no clue how the Justice Department operates. Honest or not, the agency will prosecute you to expand its political turf.

And then there is this from The Hill.

House Republicans are planning to roll out a series of small votes next week to give President Bush more authority to address the looming [gas] crisis...The bills, which are expected to be introduced individually, would ease the state-by-state restrictions on boutique fuel blends, limit new deliveries to the Strategic Petroleum Reserve during the busy travel months this summer, create incentives for the expansion of hydrogen fuels and [wait for it, wait for it] institute civil penalties for the Federal Trade Commission, working with attorneys general from all 50 states, to use in enforcing laws against price gouging. [you knew it was coming]

No American should ever have to live in fear of being fined or jailed for selling a product at a price higher than bureaucrats think it should be. Price controls, which at least provide business owners with clear legal guidelines, would be better than these "we'll let you know when you've done something we don't like" price gouging laws. At least from a due process/human rights point of view. From an economic view price controls would cause much more chaos.