In my lifetime, I can recall any number of tremendous spikes of gas prices. Many times, the public demands actions and investigations. I can't recall a single time such "action" produced any results.
Arizonans remember well the Kinder-Morgan pipeline incident and the gas shortage that followed. As I recall, Goddard regretfully informed us that in Arizona, price gouging isn't illegal.
And what did the proudly red state of my home say to that?
"Soaring gasoline costs prompted thousands of complaints Thursday to federal officials about alleged price gouging and demands by some members of Congress for an investigation into gasoline markets."