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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
6/23/2008--Introduced. Federal Price Gouging Prevention Act - Makes it unlawful, during a period proclaimed by the President as an energy emergency, to sell gasoline or any other petroleum distillate at a price that: (1) is unconscionably excessive; or (2) indicates the seller is taking unfair advantage of the circumstances of an emergency to increase prices unreasonably.
Authorizes the President to issue an energy emergency proclamation of up to 30 days, with renewals allowed, and to cite the geographic area, gasoline or other petroleum distillate, and time period covered.
Authorizes a proclamation to include a period of up to one week preceding a reasonably foreseeable emergency.
Exempts from this Act a sale of gasoline or other petroleum distillate transaction on a futures market.
Empowers the Federal Trade Commission (FTC) and state attorneys general to enforce this Act and provides for civil and criminal penalties, limiting the criminal penalty to criminal actions brought by the Department of Justice (DOJ).
Allows a state to bring a civil action to enforce this Act or to impose civil penalties.
Requires deposit of fines and penalties collected under this Act in a separate Consumer Relief Trust Fund fund in the Treasury to provide assistance under the Low Income Home Energy Assistance (LIHEAP) Program.
Declares that nothing in this Act preempts state law.