II
109th CONGRESS
1st Session
S. 1146
IN THE SENATE OF THE UNITED STATES
May 26, 2005
Mrs. Boxer 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 monitor and investigate gasoline prices under certain circumstances.
Investigation of gasoline prices
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.
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.
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.
Action on price increase
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.
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.
Termination
This section shall cease to apply on the date that is 5 years after the date of enactment of this Act.