HR 6238
110th CONGRESS
2d Session
H. R. 6238
To provide for the establishment of an interagency working group
to conduct a study to identify the factors that affect the pricing of crude
oil and refined petroleum products, and to make recommendations on appropriate
coordination of oversight and regulation.
IN THE HOUSE OF REPRESENTATIVES
June 11, 2008
Mr. DINGELL (for himself, Mr. BARROW, Mr. HILL, Mr. HOYER, Mr. BOUCHER, Mr.
DOYLE, Mr. TOWNS, Ms. BALDWIN, Mr. STUPAK, Ms. ESHOO, Mr. WEINER, Mr. MATHESON,
Ms. HOOLEY, Mr. BUTTERFIELD, Mr. ALLEN, Mr. ROSS, Mr. MELANCON, Mr. INSLEE,
Mr. MARKEY, Mr. GONZALEZ, Mr. ENGEL, Mrs. CAPPS, Mr. GORDON of Tennessee,
Ms. SOLIS, Mr. WAXMAN, Mr. RUSH, Ms. SCHAKOWSKY, Ms. DEGETTE, Ms. HARMAN,
Mr. GENE GREEN of Texas, Mr. PALLONE, Mr. BARTON of Texas, Mr. UPTON, and
Ms. MATSUI) introduced the following bill; which was referred to the Committee
on Energy and Commerce
A BILL
To provide for the establishment of an interagency working group
to conduct a study to identify the factors that affect the pricing of crude
oil and refined petroleum products, and to make recommendations on appropriate
coordination of oversight and regulation.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. PETROLEUM PRODUCT PRICING.
(a) Working Group- The Secretary of Energy shall establish, and serve as the
Chair of, an interagency working group consisting of representatives from
the Federal Energy Regulatory Commission, the Federal Trade Commission, and
other appropriate Federal agencies.
(b) Study- The working group established under subsection (a) shall conduct
a study to--
(1) identify the factors that affect the pricing of crude oil and refined
petroleum products, including an examination of the effects of market speculation
on prices; and
(2) review and assess the roles, missions, and structures of relevant Federal
agencies, examine interagency coordination, and identify and assess the
gaps which need to be filled for the Federal Government to effectively oversee
and regulate crude oil and refined petroleum product markets.
(c) Elements of Study- Such study shall include--
(1) an examination of price formation with respect to crude oil and refined
petroleum products;
(2) an examination of the respective degree to which the regulation by national
governments, or lack thereof, in international markets may allow or tolerate
excessive speculation, market manipulation, or other abuses which impact
crude oil or refined petroleum product prices; and
(3) an examination of the degree to which changes in transparency, liquidity,
and structure have influenced or driven abuse, manipulation, excessive speculation,
or inefficient price formation.
(d) Conduct of Study- In conducting the study, the Secretary shall--
(1) utilize the expertise and resources of the Office of Fossil Energy,
the Office of Policy and International Affairs, the Office of the General
Counsel, and such other offices in the Department of Energy that have expertise
bearing on the operation of and laws applying to crude oil and petroleum
product markets;
(2) designate one such office to serve as the Secretariat for the Task Force;
(3) utilize the expertise and resources of the Energy Information Administration,
particularly in validating statistical data that may be relevant; and
(4) be authorized to procure by contract such private commercial expertise
and resources as are required to complete the study in a complete, timely,
and credible manner.
(e) Information From Federal Agencies- Each executive department, bureau,
commission, agency, board, office, independent establishment, or instrumentality
of the Federal Government shall make available to the working group upon request
any data, information, estimates, statistics, and access to any employee necessary
for the conduct of the study under this section.
(f) Public Hearings- The Secretary of Energy shall provide for not less than
3 public hearings at locations across the country to take testimony, on the
record, as part of the fact gathering process to enable the working group
to perform its functions under this section.
(g) Consultation- The working group shall consult with domestic and international
oil industry participants, the financial services and futures industry, commodity
exchanges, industry and financial consultants, wholesale, retail, and consumer
organizations, academic and nonprofit organizations, and local, State, national,
and international governmental organizations.
(h) Subpoena Power- The Secretary of Energy shall have the power to compel
the production of records and testimony for the purposes of the working group,
and may exercise the powers of the Department of Energy to secure information
and data necessary to carry out the requirements of this section.
(i) Report and Recommendations-
(1) IN GENERAL- During the conduct of the study under this section, the
Secretary of Energy shall provide to the Committee on Energy and Commerce
of the House of Representatives and the Committee on Energy and Natural
Resources of the Senate quarterly progress reports, and not later than 1
year after the date of enactment of this Act the Secretary shall transmit
to such committees a report that--
(A) describes the results of the study; and
(B) provides options and the recommendations of the working group for
appropriate Federal coordination of oversight and regulatory actions to
ensure transparency of crude oil and refined petroleum product pricing
and elimination of excessive speculation.
(2) IMMEDIATE ACTION- If at any time during the course of the preparation
of the study the Secretary of Energy determines that there is a basis for
a policy recommendation to Congress to modify United States laws or regulatory
authorities so as to protect United States energy consumers from the potential
for abuse and manipulation by activities taking place in energy markets
or exchanges, the Secretary shall make such recommendations immediately
to the Committee on Energy and Commerce of the House of Representatives
and the Committee on Energy and Natural Resources of the Senate.
(j) Authorization of Appropriations- There are authorized to be appropriated
for carrying out this section--
(1) $21,000,000 to the Secretary of Energy;
(2) $1,000,000 to the Federal Energy Regulatory Commission;
(3) $1,000,000 to the Federal Trade Commission; and
(4) $2,000,000 to other Federal agencies participating in the interagency
working group.
END
