HR 6238 IHCommentsClose CommentsPermalink

To provide for the establishment of an interagency working group to conduct a study to identify the factors that affect the pricing of crude oil and refined petroleum products, and to make recommendations on appropriate coordination of oversight and regulation.CommentsClose CommentsPermalink

June 11, 2008CommentsClose CommentsPermalink

Mr. DINGELL (for himself, Mr. BARROW, Mr. HILL, Mr. HOYER, Mr. BOUCHER, Mr. DOYLE, Mr. TOWNS, Ms. BALDWIN, Mr. STUPAK, Ms. ESHOO, Mr. WEINER, Mr. MATHESON, Ms. HOOLEY, Mr. BUTTERFIELD, Mr. ALLEN, Mr. ROSS, Mr. MELANCON, Mr. INSLEE, Mr. MARKEY, Mr. GONZALEZ, Mr. ENGEL, Mrs. CAPPS, Mr. GORDON of Tennessee, Ms. SOLIS, Mr. WAXMAN, Mr. RUSH, Ms. SCHAKOWSKY, Ms. DEGETTE, Ms. HARMAN, Mr. GENE GREEN of Texas, Mr. PALLONE, Mr. BARTON of Texas, Mr. UPTON, and Ms. MATSUI) introduced the following bill; which was referred to the Committee on Energy and CommerceCommentsClose CommentsPermalink

To provide for the establishment of an interagency working group to conduct a study to identify the factors that affect the pricing of crude oil and refined petroleum products, and to make recommendations on appropriate coordination of oversight and regulation.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. PETROLEUM PRODUCT PRICING.

(a) Working Group- The Secretary of Energy shall establish, and serve as the Chair of, an interagency working group consisting of representatives from the Federal Energy Regulatory Commission, the Federal Trade Commission, and other appropriate Federal agencies.CommentsClose CommentsPermalink





(b) Study- The working group established under subsection (a) shall conduct a study to--CommentsClose CommentsPermalink





(1) identify the factors that affect the pricing of crude oil and refined petroleum products, including an examination of the effects of market speculation on prices; andCommentsClose CommentsPermalink





(2) review and assess the roles, missions, and structures of relevant Federal agencies, examine interagency coordination, and identify and assess the gaps which need to be filled for the Federal Government to effectively oversee and regulate crude oil and refined petroleum product markets.CommentsClose CommentsPermalink





(c) Elements of Study- Such study shall include--CommentsClose CommentsPermalink





(1) an examination of price formation with respect to crude oil and refined petroleum products;CommentsClose CommentsPermalink





(2) an examination of the respective degree to which the regulation by national governments, or lack thereof, in international markets may allow or tolerate excessive speculation, market manipulation, or other abuses which impact crude oil or refined petroleum product prices; andCommentsClose CommentsPermalink





(3) an examination of the degree to which changes in transparency, liquidity, and structure have influenced or driven abuse, manipulation, excessive speculation, or inefficient price formation.CommentsClose CommentsPermalink





(d) Conduct of Study- In conducting the study, the Secretary shall--CommentsClose CommentsPermalink





(1) utilize the expertise and resources of the Office of Fossil Energy, the Office of Policy and International Affairs, the Office of the General Counsel, and such other offices in the Department of Energy that have expertise bearing on the operation of and laws applying to crude oil and petroleum product markets;CommentsClose CommentsPermalink





(2) designate one such office to serve as the Secretariat for the Task Force;CommentsClose CommentsPermalink





(3) utilize the expertise and resources of the Energy Information Administration, particularly in validating statistical data that may be relevant; andCommentsClose CommentsPermalink





(4) be authorized to procure by contract such private commercial expertise and resources as are required to complete the study in a complete, timely, and credible manner.CommentsClose CommentsPermalink





(e) Information From Federal Agencies- Each executive department, bureau, commission, agency, board, office, independent establishment, or instrumentality of the Federal Government shall make available to the working group upon request any data, information, estimates, statistics, and access to any employee necessary for the conduct of the study under this section.CommentsClose CommentsPermalink





(f) Public Hearings- The Secretary of Energy shall provide for not less than 3 public hearings at locations across the country to take testimony, on the record, as part of the fact gathering process to enable the working group to perform its functions under this section.CommentsClose CommentsPermalink





(g) Consultation- The working group shall consult with domestic and international oil industry participants, the financial services and futures industry, commodity exchanges, industry and financial consultants, wholesale, retail, and consumer organizations, academic and nonprofit organizations, and local, State, national, and international governmental organizations.CommentsClose CommentsPermalink





(h) Subpoena Power- The Secretary of Energy shall have the power to compel the production of records and testimony for the purposes of the working group, and may exercise the powers of the Department of Energy to secure information and data necessary to carry out the requirements of this section.CommentsClose CommentsPermalink





(i) Report and Recommendations-CommentsClose CommentsPermalink





(1) IN GENERAL- During the conduct of the study under this section, the Secretary of Energy shall provide to the Committee on Energy and Commerce of the House of Representatives and the Committee on Energy and Natural Resources of the Senate quarterly progress reports, and not later than 1 year after the date of enactment of this Act the Secretary shall transmit to such committees a report that--CommentsClose CommentsPermalink





(A) describes the results of the study; andCommentsClose CommentsPermalink





(B) provides options and the recommendations of the working group for appropriate Federal coordination of oversight and regulatory actions to ensure transparency of crude oil and refined petroleum product pricing and elimination of excessive speculation.CommentsClose CommentsPermalink





(2) IMMEDIATE ACTION- If at any time during the course of the preparation of the study the Secretary of Energy determines that there is a basis for a policy recommendation to Congress to modify United States laws or regulatory authorities so as to protect United States energy consumers from the potential for abuse and manipulation by activities taking place in energy markets or exchanges, the Secretary shall make such recommendations immediately to the Committee on Energy and Commerce of the House of Representatives and the Committee on Energy and Natural Resources of the Senate.CommentsClose CommentsPermalink





(j) Authorization of Appropriations- There are authorized to be appropriated for carrying out this section--CommentsClose CommentsPermalink





(1) $21,000,000 to the Secretary of Energy;CommentsClose CommentsPermalink





(2) $1,000,000 to the Federal Energy Regulatory Commission;CommentsClose CommentsPermalink





(3) $1,000,000 to the Federal Trade Commission; andCommentsClose CommentsPermalink





(4) $2,000,000 to other Federal agencies participating in the interagency working group.CommentsClose CommentsPermalink