WASHINGTON — The House of Representatives approved legislation yesterday that would make gasoline price gouging a federal crime, subjecting companies to as much as $150 million in fines.

The 284–141 vote marks the second action the House has taken this week in response to record gasoline prices. Lawmakers on Tuesday approved a measure that would allow the Justice Department to file antitrust lawsuits against the Organization of Petroleum Exporting Countries, which provided 44% of American crude oil imports in February.

Congress wants “to show the American people we’re serious about the high price of gasoline,” Rep. Bart Stupak, the Michigan Democrat who introduced the legislation, told reporters yesterday at a press conference. “We’re going to drive that price down.”

The average American retail gasoline price rose to a record $3.218 a gallon this week, according to the Energy Information Administration, the statistical arm of the U.S. Energy Department. The average has climbed 38% this year.

President Bush has threatened to veto the gouging legislation. “This bill could result in gasoline price controls and in some cases bring back long gas lines reminiscent of the 1970s,” an administration statement released yesterday in Washington said.

The gouging bill would prohibit the sale of gasoline or other refined petroleum products at “unconscionably excessive” prices or prices that take “unfair advantage” of consumers during a presidentially declared “energy emergency.”

The Federal Trade Commission would be able to issue civil penalties of up to three times the amount of profits or $3 million for those that violate the law. Companies would face criminal fines of up to $150 million, and individuals could be fined $2 million and face up to 10 years in jail.