On Capitol Hill on May 7, Senate Majority Leader Harry Reid and other Senate colleagues unveiled the Consumer First Energy Act of 2008.

The bill focuses on the main causes behind the recent record-high gas prices.

If passed, the legislation would impose windfall profit taxes on oil companies, eliminate tax breaks for oil and gas companies and suspend shipments to the strategic petroleum reserve.

It would also limit speculation in oil futures and give the government the power to prosecute price gougers.