Gasoline Price Stabilization Act of 2007

To provide for the stabilization of prices for gasoline, and for other purposes.

3/13/2007--Introduced.
Gasoline Price Stabilization Act of 2007 - Sets forth circumstances under which the President may issue orders and regulations to stabilize prices for wholesale and retail gasoline at certain levels. Amends the Energy Policy and Conservation Act to include, among prerequisites to a drawdown and sale from the Strategic Petroleum Reserve, a presidential determination that a severe price increase resulting from an emergency situation is likely to cause a major adverse impact upon a state or regional economy. Expands the scope of "severe energy supply interruption" to encompass a reduction in supply that is substantially caused by conduct that either lessens competition, or tends to create a monopoly, by:
(1) at least one foreign country or international entity; or
(2) at least one producer, refiner, or marketer of petroleum products. Directs the Secretary of Energy to establish mandatory minimum inventory levels of crude oil and petroleum products in order to limit the impact of unexpected supply disruptions on wholesale and retail prices. Amends the Mineral Leasing Act to repeal the authorization to export Alaskan North slope oil. Amends the Internal Revenue Code to:
(1) impose upon an integrated oil company an additional excise tax relating to windfall profits on crude oil, to be paid by its producer; and
(2) allow a tax credit for the purchase cost of any qualified fuel-efficient American-made passenger vehicle. Amends the Clayton Act to:
(1) prohibit certain oil industry mergers; and
(2) place a one-year moratorium upon large petroleum and crude oil mergers. Establishes the Petroleum Industry Concentration and Market Power Review Commission to study the concentration of ownership in the exploration, production, transportation, refinement, wholesale distribution, and retail sale of crude oil and petroleum products in the United States. Amends federal transportation law to increase the average fuel economy (CAFE) standards for passenger automobiles. Requires federal agency heads to manage vehicle procurement in a manner that results in specified increases in the average fuel economy of the federal vehicle fleet.


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Sponsor

• Rep. Peter DeFazio [D, OR-4]
• and 1 Co-Sponsors
  • Rep. Dennis Kucinich [D, OH-10]
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Committees

• House Judiciary
• 7 more
  • House Energy and Commerce
  • House Energy and Commerce
  • House Ways and Means
  • House Foreign Affairs
  • House Oversight and Government Reform
  • House Natural Resources
  • House Natural Resources
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Amendments

This bill has no amendments.

Amendments to H.R.1500

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
March 13, 2007

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All Bill Actions

• Mar 19, 2007: Referred to the Subcommittee on Energy and Mineral Resources.
• Mar 14, 2007: Referred to the Subcommittee on Energy and Air Quality.
• Mar 13, 2007: Referred to House Foreign Affairs
• Mar 13, 2007: Referred to House Natural Resources
• Mar 13, 2007: Referred to House Judiciary
• Mar 13, 2007: Referred to House Oversight and Government Reform
• Mar 13, 2007: Referred to House Ways and Means
• Mar 13, 2007: Referred to House Energy and Commerce
• Mar 13, 2007: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• Mar 13, 2007: Sponsor introductory remarks on measure. (CR H2441)
• Introduced on Mar 13, 2007.
• Mar 13, 2007: Introductory remarks on measure. (CR H2441)

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• Excess profits tax
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