Fifty-four Republicans crossed the aisle to join House Democrats in making gasoline price gouging illegal.
President Bush promises to veto the bill.
It'd allow the President to declare a gas price emergency and fine oil companies -- even arrest their executives -- for gouging. The power to look for and declare price-gouging would rest with the Federal Trade Commission.
The FTC found 15 cases of potential price gouging in the wake of Hurricane Katrina -- but lacked the authority to investigate further.
At least 29 states already have some kind of price gouging laws on the books -- but enforcement varies from state to state. (HeraldNet)