To provide consumers with relief from high gas prices.

September 2, 2005

Mr. PALLONE introduced the following bill; which was referred to the Committee on Energy and Commerce

To provide consumers with relief from high gas 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 `Gas Price Relief and Oil Conservation Act of 2005'.

SEC. 2. LIMITS ON WHOLESALE GASOLINE PRICES AND OIL COMPANY PROFITS.

The Secretary of Energy shall promulgate regulations not later than 30 days after the date of enactment of this Act to--

(1) prevent companies from raising wholesale prices for gasoline more than once every 24 hours; and

(2) limit, immediately and until the end of fiscal year 2006, the profits of oil companies that sell gasoline on the wholesale market to no more than the average of their profits during the five-year period from fiscal year 2001 through fiscal year 2005.

SEC. 3. CONSERVATION OF OIL.

For purposes of reducing waste of oil and decreasing demand for foreign oil, not later than 6 months after the date of enactment of this Act, appropriate Federal Departments and agencies, as identified by the President, shall propose voluntary, regulatory, and other actions sufficient to reduce demand for oil in the United States by at least 1,000,000 barrels per day from projected demand for oil in 2013.

SEC. 4. INVESTIGATION OF PRICE GOUGING IN THE WAKE OF HURRICANE KATRINA.

The Federal Trade Commission shall commence an investigation to determine whether price gouging has occurred in the wholesale and retail gasoline markets in the wake of Hurricane Katrina and whether consolidation in the markets has led to higher prices for consumers. The Federal Trade Commission shall then recommend enforcement and regulatory actions to be taken by the Secretary of Energy and the Attorney General.

END