HR 1748

112th CONGRESS
1st Session

H. R. 1748

To provide consumers relief from high gas prices, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

May 5, 2011

Mr. BISHOP of New York (for himself, Mr. MARKEY, Ms. CHU, and Mr. LARSON of Connecticut) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means and Natural Resources, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To provide consumers relief from high gas prices, and for other purposes.

SECTION 1. SHORT TITLE.

SEC. 2. TABLE OF CONTENTS.

TITLE I--DENIAL OF CERTAIN TAX BENEFITS TO MAJOR INTEGRATED OIL COMPANIES

TITLE II--DEFICIT REDUCTION THROUGH FAIR OIL ROYALTIES

TITLE III--PROTECTION FROM PRICE GOUGING

TITLE IV--STRATEGIC PETROLEUM RESERVE

TITLE I--DENIAL OF CERTAIN TAX BENEFITS TO MAJOR INTEGRATED OIL COMPANIES

SEC. 101. DEDUCTION FOR INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES NOT ALLOWED WITH RESPECT TO OIL AND GAS ACTIVITIES OF MAJOR INTEGRATED OIL COMPANIES.

SEC. 102. MAJOR INTEGRATED OIL COMPANIES INELIGIBLE FOR LAST-IN, FIRST-OUT METHOD OF INVENTORY.

SEC. 103. LIMITATION ON DEDUCTION FOR INTANGIBLE DRILLING AND DEVELOPMENT COSTS OF MAJOR INTEGRATED OIL COMPANIES IN THE CASE OF OIL AND GAS WELLS.

TITLE II--DEFICIT REDUCTION THROUGH FAIR OIL ROYALTIES

SEC. 201. SHORT TITLE.

SEC. 202. ELIGIBILITY FOR NEW LEASES AND THE TRANSFER OF LEASES.

SEC. 203. PRICE THRESHOLDS FOR ROYALTY SUSPENSION PROVISIONS.

TITLE III--PROTECTION FROM PRICE GOUGING

SEC. 301. SHORT TITLE.

SEC. 302. UNCONSCIONABLE PRICING OF GASOLINE AND OTHER PETROLEUM DISTILLATES DURING EMERGENCIES.

SEC. 303. ENFORCEMENT BY THE FEDERAL TRADE COMMISSION.

SEC. 304. CRIMINAL PENALTIES.

SEC. 305. ENFORCEMENT AT RETAIL LEVEL BY STATE ATTORNEYS GENERAL.

SEC. 306. EFFECT ON OTHER LAWS.

TITLE IV--STRATEGIC PETROLEUM RESERVE

SEC. 401. SHORT TITLE.

SEC. 402. DEFINITION.

SEC. 403. PETROLEUM PRODUCT RESERVE.

SEC. 404. SALE OF OIL FROM THE STRATEGIC PETROLEUM RESERVE AND ACQUISITION OF REFINED PETROLEUM PRODUCT.

SEC. 405. REPORT TO CONGRESS.

SEC. 406. STRATEGIC PETROLEUM RESERVE DRAWDOWN AND EXCHANGE IN PUBLIC INTEREST.

END