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Congressman Ben Chandler signed on as co-sponsor of a bill that he says he hopes will help battle high prices at the gas pumps.

If passed, the law would penalize large companies for oil price gouging.

"Greedy oil companies and CEOs shouldn't be allowed to take advantage of Kentuckians trying to make ends meet in this tough economy," Chandler said. "It is unacceptable. Gas prices are high enough already, we need to put an end to price gouging and price speculation once and for all."

A spokesperson from Chandler's office said that legislation would authorize penalties of up to $500 million for large companies selling oil, gasoline and diesel at "excessive" prices or taking unfair advantage of circumstances during an international crisis.

The legislation could also apply to speculation in the oil futures market, according to Chandler staffers.

Originally introduced by Rep. Tim Bishop, Chandler is an original cosponsor of the bill with Representatives John Yarmuth (Ky.), Jerry McNerney (Calif.), Tim Walz (Minn.), Mike McIntyre (N.C.), and Bruce Braley (Iowa).