And every spring the FTC investigates accusations of gasoline price gouging and every spring it finds no evidence of it occurring. Even this year, when post-Katrina conditions were supposedly ripe for price-gouging, the FTC found:

no instances of illegal market manipulation that led to higher prices during the relevant time periods, but found 15 examples of pricing at the refining, wholesale, or retail level that fit the relevant legislation’s definition of evidence of “price gouging.” Other factors such as regional or local market trends, however, appeared to explain these firms’ prices in nearly all cases. Further, the report reiterated the FTC’s position that federal gasoline price gouging legislation, in addition to being difficult to enforce, could cause more problems for consumers than it solves, and that competitive market forces should be allowed to determine the price of gasoline that drivers pay at the pump.

This isn’t good enough for our fearless leaders in Congress, however. Senator Stevens has vowed to introduce legislation on the subject. With the immigration bill and this I don’t think it’s too outrageous to say the Senate is acting like the Politburo in its efforts to control the American economy from Capitol Hill.