109th CONGRESS
1st Session
H. R. 4029
To ensure fairness in gasoline, diesel fuel, and home heating oil
prices.
IN THE HOUSE OF REPRESENTATIVES
October 7, 2005
Ms. DELAURO introduced the following bill; which was referred to the Committee
on Energy and Commerce
A BILL
To ensure fairness in gasoline, diesel fuel, and home heating oil
prices.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Fuel Price Fairness Act'.
SEC. 2. DEFINITIONS.
(1) the term `Commission' means the Federal Trade Commission;
(2) the term `integrated oil company' has the meaning given such term in
section 291(b)(4) of the Internal Revenue Code of 1986 (26 U.S.C. 291(b)(4));
and
(3) the term `refinery' means any industrial plant located in the United
States which is designed to serve the primary purpose of processing liquid
fuel from crude oil or qualified fuels.
SEC. 3. DECLARATION OF ENERGY PRICE EMERGENCY.
(a) Declaration- The Commission, in consultation with the Secretary of Energy,
shall have the authority to declare a national or regional energy price emergency
if the Commission finds that the health, safety, welfare, or economic well-being
of the citizens of the United States, or a region of the United States, is
at risk because of a shortage or imminent shortage of adequate supplies of
crude oil, gasoline, diesel fuel, or home heating oil due to a disruption
of national or regional distribution systems for crude oil, gasoline, natural
gas, or petroleum distillates (including such a shortage related to a major
disaster (as defined in section 102(2) of the Robert T. Stafford Disaster
Relief and Emergency Assistance Act (42 U.S.C. 5122))), or significant pricing
anomalies in national or regional energy markets for crude oil, gasoline,
diesel fuel, or home heating oil of a more than transient nature.
(b) Information Sharing- For purposes of monitoring the supplies of crude
oil, gasoline, diesel fuel, or home heating oil in compliance with subsection
(a), the Secretary of Energy shall permit the Commission to have regular and
constant access to any information obtained by or in the possession of the
Energy Information Administration.
(c) Duration of Declared Emergency- A national or regional price emergency
declared under this section shall terminate not later than 30 days after such
a declaration at the discretion of the Commission.
SEC. 4. DISCLOSURE OR ENERGY PRICING DURING ENERGY PRICE EMERGENCY.
During a declared national or regional energy price emergency, an integrated
oil company or refinery shall--
(1) not later than 30 days after a declaration of such an emergency, disclose
to the Commission the prevailing price of crude oil and wholesale price
of refined gasoline, diesel, home heating oil, based on invoices, for each
week during the period of 60 days immediately preceding the declaration
of an energy emergency; and
(2) not later than 15 days after a termination of such an emergency, disclose
to the Commission the prevailing price of crude oil and wholesale price
of refined gasoline, diesel, home heating oil, based on invoices, for each
week of the period in which a national price emergency is in effect.
SEC. 5. UNREASONABLE PRICING PROHIBITED.
(a) Unlawful Retail Pricing- During a national energy price emergency declared
under section 3, or in a region declared to be in a regional energy price
emergency under such section, it shall be unlawful for any person to sell
at retail gasoline, diesel fuel, or home heating oil at an unreasonable price.
(b) Unlawful Supply or Wholesale Pricing- During a national energy price emergency
declared under section 3, or in a region declared to be in a regional energy
price emergency under such section, it shall be unlawful for any integrated
oil company or refinery to sell crude oil or refined gasoline, diesel fuel,
or home heating oil at an unreasonable price.
(c) Unreasonable Price- Not later than 60 days after the date of the enactment
of this Act, the Federal Trade Commission shall, by rule, determine what constitutes
an unreasonable price for purposes of subsections (a) and (b).
(d) Enforcement Against Retailers- A violation of subsection (a) shall be
treated as a violation of a rule defining an unfair or deceptive act or practice
prescribed under section 18(a)(1)(B) of the Federal Trade Commission Act (15
U.S.C. 57a(a)(1)(B)). The Commission shall enforce such subsection (and the
rule promulgated pursuant to subsection (c)) in the same manner, by the same
means, and with the same jurisdiction as though all applicable terms and provisions
of the Federal Trade Commission Act were incorporated into and made a part
of this section.
(e) Criminal Enforcement Against Oil Companies and Refineries- Any person
who violates subsection (b) shall be fined under title 18 an amount not more
than $2,000,000, or imprisoned for a period of not more than 2 years, or both.
SEC. 6. REPORT ON COMMODITIES MARKET.
Not later than 1 year after enactment of this Act, the Federal Trade Commission
shall conduct a study on the effects of increased and possible excess trading
ofoil and gasoline futures contracts on the rising cost of oil and gasoline
commodities, and shall transmit a report of its findings to the House of Representatives
and the Senate.
END