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.

Summary: Directs the Secretary of Energy to establish an interagency working group to study and report to specified congressional committees on: (1) factors that affect the pricing of crude oil and refined petroleum products; and (2) the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps which need to be filled for the federal government to effectively oversee and regulate crude oil and refined petroleum product markets.

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.
    (b) Study.--The working group established under subsection (a) 
shall conduct a study to--
            (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; and
            (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.
    (c) Elements of Study.--Such study shall include--
            (1) an examination of price formation with respect to crude 
        oil and refined petroleum products;
            (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; and
            (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.
    (d) Conduct of Study.--In conducting the study, the Secretary 
shall--
            (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;
            (2) designate one such office to serve as the Secretariat 
        for the Task Force;
            (3) utilize the expertise and resources of the Energy 
        Information Administration, particularly in validating 
        statistical data that may be relevant; and
            (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.
    (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.
    (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.
    (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.
    (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.
    (i) Report and Recommendations.--
            (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--
                    (A) describes the results of the study; and
                    (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.
            (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.
    (j) Authorization of Appropriations.--There are authorized to be 
appropriated for carrying out this section--
            (1) $21,000,000 to the Secretary of Energy;
            (2) $1,000,000 to the Federal Energy Regulatory Commission;
            (3) $1,000,000 to the Federal Trade Commission; and
            (4) $2,000,000 to other Federal agencies participating in 
        the interagency working group.