SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fuel Price Fairness Act''.

SEC. 2. DEFINITIONS.

    As used in this Act--
            (1) the term ``Commission'' means the Federal Trade 
        Commission;
            (2) the term ``integrated oil company'' has the meaning 
        given such term in section 291(b)(4) of the Internal Revenue 
        Code of 1986 (26 U.S.C. 291(b)(4)); and
            (3) the term ``refinery'' means any industrial plant 
        located in the United States which is designed to serve the 
        primary purpose of processing liquid fuel from crude oil or 
        qualified fuels.

SEC. 3. DECLARATION OF ENERGY PRICE EMERGENCY.

    (a) Declaration.--The Commission, in consultation with the 
Secretary of Energy, shall have the authority to declare a national or 
regional energy price emergency if the Commission finds that the 
health, safety, welfare, or economic well-being of the citizens of the 
United States, or a region of the United States, is at risk because of 
a shortage or imminent shortage of adequate supplies of crude oil, 
gasoline, diesel fuel, or home heating oil due to a disruption of 
national or regional distribution systems for crude oil, gasoline, 
natural gas, or petroleum distillates (including such a shortage 
related to a major disaster (as defined in section 102(2) of the Robert 
T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 
5122))), or significant pricing anomalies in national or regional 
energy markets for crude oil, gasoline, diesel fuel, or home heating 
oil of a more than transient nature.
    (b) Information Sharing.--For purposes of monitoring the supplies 
of crude oil, gasoline, diesel fuel, or home heating oil in compliance 
with subsection (a), the Secretary of Energy shall permit the 
Commission to have regular and constant access to any information 
obtained by or in the possession of the Energy Information 
Administration.
    (c) Duration of Declared Emergency.--A national or regional price 
emergency declared under this section shall terminate not later than 30 
days after such a declaration at the discretion of the Commission.

SEC. 4. DISCLOSURE OR ENERGY PRICING DURING ENERGY PRICE EMERGENCY.

    During a declared national or regional energy price emergency, an 
integrated oil company or refinery shall--
            (1) not later than 30 days after a declaration of such an 
        emergency, disclose to the Commission the prevailing price of 
        crude oil and wholesale price of refined gasoline, diesel, home 
        heating oil, based on invoices, for each week during the period 
        of 60 days immediately preceding the declaration of an energy 
        emergency; and
            (2) not later than 15 days after a termination of such an 
        emergency, disclose to the Commission the prevailing price of 
        crude oil and wholesale price of refined gasoline, diesel, home 
        heating oil, based on invoices, for each week of the period in 
        which a national price emergency is in effect.

SEC. 5. UNREASONABLE PRICING PROHIBITED.

    (a) Unlawful Retail Pricing.--During a national energy price 
emergency declared under section 3, or in a region declared to be in a 
regional energy price emergency under such section, it shall be 
unlawful for any person to sell at retail gasoline, diesel fuel, or 
home heating oil at an unreasonable price.
    (b) Unlawful Supply or Wholesale Pricing.--During a national energy 
price emergency declared under section 3, or in a region declared to be 
in a regional energy price emergency under such section, it shall be 
unlawful for any integrated oil company or refinery to sell crude oil 
or refined gasoline, diesel fuel, or home heating oil at an 
unreasonable price.
    (c) Unreasonable Price.--Not later than 60 days after the date of 
the enactment of this Act, the Federal Trade Commission shall, by rule, 
determine what shall constitutes an unreasonable price for purposes of 
subsections (a) and (b).
    (d) Enforcement Against Retailers.--A violation of subsection (a) 
shall be treated as a violation of a rule defining an unfair or 
deceptive act or practice prescribed under section 18(a)(1)(B) of the 
Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)). The Commission 
shall enforce such subsection (and the rule promulgated pursuant to 
subsection (c)) in the same manner, by the same means, and with the 
same jurisdiction as though all applicable terms and provisions of the 
Federal Trade Commission Act were incorporated into and made a part of 
this section.
    (e) Criminal Enforcement Against Oil Companies and Refineries.--Any 
person who violates subsection (b) shall be fined under title 18 an 
amount not more $2,000,000, or imprisoned for a period of not more 2 
years, or both.

SEC. 6. REPORT ON COMMODITIES MARKET.

    Not later than 1 year after enactment of this Act, the Federal 
Trade Commission shall conduct a study on the effects of increased and 
possible excess trading of oil and gasoline futures contracts on the 
rising cost of oil and gasoline commodities, and shall transmit a 
report of its findings to the House of Representatives and the Senate.
Fuel Price Fairness Act - Authorizes the Federal Trade Commission (FTC) to declare a national or regional energy price emergency if it finds that the health, safety, welfare, or economic well-being of U.S. citizens, or a region of the United States, is at risk because of a shortage or imminent shortage of adequate supplies of crude oil, gasoline, diesel fuel, or home heating oil due to a disruption of distribution systems for crude oil, gasoline, natural gas, or petroleum distillates, or significant pricing anomalies in national or regional energy markets for those products are more than temporary.

Requires an integrated oil company or refinery to disclose to the FTC during such emergency: (1) the prevailing price of crude oil and wholesale price of refined gasoline, diesel, home heating oil, based on invoices, for each week during the period of 60 days immediately preceding the declaration of an energy emergency; and (2) the prevailing price of crude oil and wholesale price of refined gasoline, diesel, home heating oil, based on invoices, for each week of the period in which a national price emergency is in effect.

Declares unlawful during such a national energy price emergency: (1) for any person to sell at retail gasoline, diesel fuel, or home heating oil at an unreasonable price; and (2) for any integrated oil company or refinery to sell those products at an unreasonable price.

Subjects such integrated oil company or refinery to criminal penalties for violations of this Act.

Grants the FTC enforcement powers under this Act.
To ensure fairness in gasoline, diesel fuel, and home heating oil prices.