The Republican-sponsored bill was introduced yesterday and hurriedly brought to the House floor for a vote today in an almost unprecedented burst of legislative speed.

The measure does not define “price gouging” and leaves it up to the Federal Trade Commission to decide what the term means and how to enforce the law.

Last year, Republicans voted three times against Democratic proposals to impose tough penalties on price gougers. One measure would have fined companies up to $100 million; individuals would have faced fines up to $1 million,10 years in prison or both (Vote #500, 9/28/05). Republicans also rejected tougher penalties of up to triple the profits gained by the violation, or up to $3 million (Vote #517, 10/7/05; Vote #518, 10/7/05).

“Obviously, the GOP is in a political panic,” said Abercrombie.  “Republicans spent the past five years promoting policies that line the pockets of big oil companies.  Now, with pump prices soaring and their poll numbers sinking, they’re feeling the heat.  I’ve never seen a bill move so fast from a standing start to the finish line.

“Today’s bill leaves a lot to be desired in terms of the details, but it’s a start we can build on.  It would be unconscionable to do nothing while working families in Hawaii and across the country are being squeezed.

“The real tragedy here is the missed opportunities to promote alternative fuels.  If we’d invested in alternative energy only a fraction of the amount given away to big oil, we could be well on the way to energy independence.”

Abercrombie is sponsoring several measures to encourage increased energy efficiency and the production of alternative energy sources such as ethanol, wind power, solar, hydrogen and wave power.

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