The ‘Price Gouging’ is actually being done by the Federal Government. The Feds make more in tax on the sale of gasoline than a corporation makes in profit the same sale.
So under this legislation, instead of lowering the federal tax, the government will instead enforce price controls, thereby causing shortages which will either put the oil companies out of business or at some point, the controls will have to be lifted, so the cost to the consumers will still go up.
Yup, typical government fix-it.