109th CONGRESS
1st Session
S. 1732
To require the Federal Trade Commission to conduct an inquiry into
the retail prices of natural gas and gasoline.
IN THE SENATE OF THE UNITED STATES
September 20, 2005
Mr. NELSON of Nebraska introduced the following bill; which was read twice
and referred to the Committee on Commerce, Science, and Transportation
A BILL
To require the Federal Trade Commission to conduct an inquiry into
the retail prices of natural gas and gasoline.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. INQUIRY ON GASOLINE PRICES.
(a) In General- Not later than 14 days after the date of the enactment of
this Act, the Federal Trade Commission shall initiate an inquiry into the
retail prices of natural gas and gasoline to determine if the prices of natural
gas and gasoline (both before and after Hurricane Katrina), including the
price of gasoline containing ethanol, is being artificially manipulated by
reducing refinery capacity, by speculation in oil market, or by any other
form of manipulation.
(b) Report- Not later than 14 days after the initiation of the inquiry required
under subsection (a), the Federal Trade Commission shall report to Congress
the results of the inquiry.
(c) Public Meeting- Not later than 14 days after issuing the report required
under subsection (b), the Federal Trade Commission shall hold a public hearing
for the purpose of presenting the results of the inquiry.
(d) Action on Price Increase-
(1) FINDING OF MARKET MANIPULATION- If the Federal Trade Commission determines
that the increase in natural gas and gasoline prices, including the price
of gasoline containing ethanol, is a result of market manipulation, the
Federal Trade Commission shall, in cooperation with the attorney general
of any affected State, take appropriate action.
(2) NO FINDING OF MARKET MANIPULATION- If the Federal Trade Commission determines
that the increase in natural gas and gasoline prices, including the price
of gasoline containing ethanol, is not the result of market manipulation,
the Federal Trade Commission shall notify the Secretary of Energy. The Secretary
shall, not later than 14 days after receiving such notification, decide
if expanded use of the Strategic Petroleum Reserve should be implemented
to assure adequate supplies of gasoline.
(e) Termination- This section shall cease to apply on--
(1) the date the Federal Trade Commission makes its determination described
in subsection (d); or
(2) if applicable, the date of the decision of the Secretary of Energy under
paragraph (2) of such subsection.
END
