[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 694 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 694
To require the Federal Trade Commission to monitor and investigate
gasoline prices under certain circumstances.
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IN THE SENATE OF THE UNITED STATES
March 24, 2003
Mrs. Boxer introduced the following bill; which was read twice and
referred to the Committee on Commerce, Science, and Transportation
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A BILL
To require the Federal Trade Commission to monitor and investigate
gasoline prices under certain circumstances.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. INVESTIGATION OF GASOLINE PRICES.
(a) In General.--If, based on weekly data published by the Energy
Information Administration of the Department of Energy, the average
price of regular grade gasoline in a State increases 20 percent or more
for at least seven days during any 3-month period, the Federal Trade
Commission shall initiate an investigation into the retail price of
gasoline in that State to determine if the price of gasoline is being
artificially manipulated by reducing refinery capacity or by any other
form of manipulation.
(b) Report.--Not later than 14 days after the initiation of the
investigation described in subsection (a), the Federal Trade Commission
shall report to Congress the results of the investigation.
(c) Public Meeting.--Not later than 14 days after issuing the
report described in subsection (b), the Federal Trade Commission shall
hold a public hearing in the State in which the retail price of
gasoline was investigated as described in subsection (a) for the
purpose of presenting the results of the investigation.
(d) Action on Price Increase.--
(1) Finding of market manipulation.--If the Federal Trade
Commission determines that the increase in gasoline prices in a
State is a result of market manipulation, the Federal Trade
Commission shall, in cooperation with the Attorney General of
that State, take appropriate action.
(2) No finding of market manipulation.--If the Federal
Trade Commission determines that the increase in gasoline
prices in a State is not the result of market manipulation, the
Federal Trade Commission shall notify the Secretary of Energy,
who shall, within 2 weeks of such notification, decide if the
Strategic Petroleum Reserve should be used to assure adequate
supplies of gasoline.
(e) Termination.--This section shall cease to apply on the date
that is 5 years after the date of enactment of this Act.
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