[Congressional Bills 110th Congress]
[From the U.S. Government Printing Office]
[H.R. 6377 Placed on Calendar Senate (PCS)]
Calendar No. 864
110th CONGRESS
2d Session
H. R. 6377
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 26, 2008
Received
July 7, 2008
Read the first time
July 8, 2008
Read the second time and placed on the calendar
_______________________________________________________________________
AN ACT
To direct the Commodity Futures Trading Commission to utilize all its
authority, including its emergency powers, to curb immediately the role
of excessive speculation in any contract market within the jurisdiction
and control of the Commodity Futures Trading Commission, on or through
which energy futures or swaps are traded, and to eliminate excessive
speculation, price distortion, sudden or unreasonable fluctuations or
unwarranted changes in prices, or other unlawful activity that is
causing major market disturbances that prevent the market from
accurately reflecting the forces of supply and demand for energy
commodities.
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 ``Energy Markets Emergency Act of
2008''.
SEC. 2. ENERGY MARKETS.
(a) Findings.--The Congress finds as follows:
(1) The Commodity Futures Trading Commission was created as
an independent agency, in 1974, with the mandate to enforce and
administer the Commodity Exchange Act, to ensure market
integrity, to protect market users from fraud and abusive
trading practices, and to prevent and prosecute manipulation of
the price of any commodity in interstate commerce.
(2) Congress has given the Commodity Futures Trading
Commission authority under the Commodity Exchange Act to take
necessary actions to address market emergencies.
(3) The Commodity Futures Trading Commission may use its
emergency authority with respect to any major market
disturbance which prevents the market from accurately
reflecting the forces of supply and demand for a commodity.
(4) Congress has declared, in section 4a of the Commodity
Exchange Act, that excessive speculation imposes an undue and
unnecessary burden on interstate commerce.
(5) On June 6, 2008, the price of crude oil traded on the
New York Mercantile Exchange hit an all-time record of $139.12
per barrel.
(6) The average price of a barrel of crude oil in 2007 was
$72, and the average price of a barrel of crude oil to date in
2008 is $109.
(7) Heating oil futures contracts have risen in price from
$2.97 to $3.81 during the March through May contract months.
(8) United States airlines are forecast to spend
$61,200,000,000 on jet fuel in 2008, which is $20,000,000,000
more than they spent for jet fuel in 2007.
(9) According to the American Automobile Association--
(A) families and businesses are paying an average
of $4.07 per gallon for regular gasoline, which is near
the all-time high and is more than double the price in
2001; and
(B) truckers and farmers are paying an average of
$4.77 per gallon for diesel fuel, which is near the
all-time high and triple the price in 2001.
(10) During this decade, energy demand has been steadily on
the rise in nations such as China and other Asian exporting
nations.
(11) In a May 2008 report, the International Monetary Fund
raised the possibility that speculation has played a
significant role in the run-up of oil prices, and stated ``It
is hard to explain current oil prices in terms of fundamentals
alone. The recent surge in the oil price seems to go well
beyond what would be indicated by the growth of the world
economy.''.
(b) Direction From Congress.--The Commodity Futures Trading
Commission shall utilize all its authority, including its emergency
powers, to--
(1) curb immediately the role of excessive speculation in
any contract market within the jurisdiction and control of the
Commodity Futures Trading Commission, on or through which
energy futures or swaps are traded; and
(2) eliminate excessive speculation, price distortion,
sudden or unreasonable fluctuations or unwarranted changes in
prices, or other unlawful activity that is causing major market
disturbances that prevent the market from accurately reflecting
the forces of supply and demand for energy commodities.
Passed the House of Representatives June 26, 2008.
Attest:
LORRAINE C. MILLER,
Clerk.
Calendar No. 864
110th CONGRESS
2d Session
H. R. 6377
_______________________________________________________________________
AN ACT
To direct the Commodity Futures Trading Commission to utilize all its
authority, including its emergency powers, to curb immediately the role
of excessive speculation in any contract market within the jurisdiction
and control of the Commodity Futures Trading Commission, on or through
which energy futures or swaps are traded, and to eliminate excessive
speculation, price distortion, sudden or unreasonable fluctuations or
unwarranted changes in prices, or other unlawful activity that is
causing major market disturbances that prevent the market from
accurately reflecting the forces of supply and demand for energy
commodities.
_______________________________________________________________________
July 8, 2008
Read the second time and placed on the calendar