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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1420 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1420

 To amend the Department of Energy Organization Act to provide for the 
 collection of information on critical energy supplies, to establish a 
        Working Group on Energy Markets, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              May 21, 2015

 Ms. Cantwell introduced the following bill; which was read twice and 
       referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 A BILL

 
 To amend the Department of Energy Organization Act to provide for the 
 collection of information on critical energy supplies, to establish a 
        Working Group on Energy Markets, and for other purposes.

    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 Act of 2015''.

SEC. 2. ENHANCED INFORMATION ON CRITICAL ENERGY SUPPLIES.

    (a) In General.--Section 205 of the Department of Energy 
Organization Act (42 U.S.C. 7135) is amended by adding at the end the 
following:
    ``(n) Collection of Information on Critical Energy Supplies.--
            ``(1) In general.--To ensure transparency of information 
        relating to energy infrastructure and product ownership in the 
        United States and improve the ability to evaluate the energy 
        security of the United States, the Administrator, in 
        consultation with other Federal agencies (as necessary), 
        shall--
                    ``(A) not later than 120 days after the date of 
                enactment of this subsection, develop and provide 
                notice of a plan to collect, in cooperation with the 
                Commodity Futures Trade Commission, information 
                identifying all oil inventories, and other physical oil 
                assets (including all petroleum-based products and the 
                storage of such products in off-shore tankers), that 
                are owned by the 50 largest traders of oil contracts 
                (including derivative contracts), as determined by the 
                Commodity Futures Trade Commission; and
                    ``(B) not later than 90 days after the date on 
                which notice is provided under subparagraph (A), 
                implement the plan described in that subparagraph.
            ``(2) Information.--The plan required under paragraph (1) 
        shall include a description of the plan of the Administrator 
        for collecting company-specific data, including--
                    ``(A) volumes of product under ownership; and
                    ``(B) storage and transportation capacity 
                (including owned and leased capacity).
            ``(3) Protection of proprietary information.--Section 12(f) 
        of the Federal Energy Administration Act of 1974 (15 U.S.C. 
        771(f)) shall apply to information collected under this 
        subsection.
    ``(o) Collection of Information on Storage Capacity for Oil and 
Natural Gas.--
            ``(1) In general.--Not later than 90 days after the date of 
        enactment of this subsection, the Administrator of the Energy 
        Information Administration shall collect information 
        quantifying the commercial storage capacity for oil and natural 
        gas in the United States.
            ``(2) Updates.--The Administrator shall update annually the 
        information required under paragraph (1).
            ``(3) Protection of proprietary information.--Section 12(f) 
        of the Federal Energy Administration Act of 1974 (15 U.S.C. 
        771(f)) shall apply to information collected under this 
        subsection.
    ``(p) Financial Market Analysis Office.--
            ``(1) Establishment.--There shall be within the Energy 
        Information Administration a Financial Market Analysis Office, 
        headed by a director, who shall report directly to the 
        Administrator of the Energy Information Administration.
            ``(2) Duties.--The Office shall--
                    ``(A) be responsible for analysis of the financial 
                aspects of energy markets;
                    ``(B) review the reports required by section 4(c) 
                of the Energy Markets Act of 2015 in advance of the 
                submission of the reports to Congress; and
                    ``(C) not later than 1 year after the date of 
                enactment of this subsection--
                            ``(i) make recommendations to the 
                        Administrator of the Energy Information 
                        Administration that identify and quantify any 
                        additional resources that are required to 
                        improve the ability of the Energy Information 
                        Administration to more fully integrate 
                        financial market information into the analyses 
                        and forecasts of the Energy Information 
                        Administration, including the role of energy 
                        futures contracts, energy commodity swaps, and 
                        derivatives in price formation for oil;
                            ``(ii) conduct a review of implications of 
                        policy changes (including changes in export or 
                        import policies) and changes in how crude oil 
                        and refined petroleum products are transported 
                        with respect to price formation of crude oil 
                        and refined petroleum products; and
                            ``(iii) notify the Committee on Energy and 
                        Natural Resources, and the Committee on 
                        Appropriations, of the Senate and the Committee 
                        on Energy and Commerce, and the Committee on 
                        Appropriations, of the House of Representatives 
                        of the recommendations described in clause (i).
            ``(3) Analyses.--The Administrator of the Energy 
        Information Administration shall take analyses by the Office 
        into account in conducting analyses and forecasting of energy 
        prices.''.
    (b) Conforming Amendment.--Section 645 of the Department of Energy 
Organization Act (42 U.S.C. 7255) is amended by inserting ``(15 U.S.C. 
3301 et seq.) and the Natural Gas Act (15 U.S.C. 717 et seq.)'' after 
``Natural Gas Policy Act of 1978''.

SEC. 3. WORKING GROUP ON ENERGY MARKETS.

    (a) Establishment.--There is established a Working Group on Energy 
Markets (referred to in this Act as the ``Working Group'').
    (b) Composition.--The Working Group shall be composed of--
            (1) the Secretary of Energy (referred to in this Act as the 
        ``Secretary'');
            (2) the Secretary of the Treasury;
            (3) the Chairman of the Federal Energy Regulatory 
        Commission;
            (4) the Chairman of Federal Trade Commission;
            (5) the Chairman of the Securities and Exchange Commission;
            (6) the Chairman of the Commodity Futures Trading 
        Commission; and
            (7) the Administrator of the Energy Information 
        Administration.
    (c) Chairperson.--The Secretary shall serve as the Chairperson of 
the Working Group.
    (d) Compensation.--A member of the Working Group shall serve 
without additional compensation for the work of the member of the 
Working Group.
    (e) Purpose and Function.--The Working Group shall--
            (1) investigate the effect of increased financial 
        investment in energy commodities on energy prices and the 
        energy security of the United States;
            (2) recommend to the President and Congress laws (including 
        regulations) that may be needed to prevent excessive 
        speculation in energy commodity markets in order to prevent or 
        minimize the adverse impact of excessive speculation on energy 
        prices on consumers and the economy of the United States; and
            (3) review energy security implications of developments in 
        international energy markets.
    (f) Administration.--The Secretary shall provide the Working Group 
with such administrative and support services as may be necessary for 
the performance of the functions of the Working Group.
    (g) Cooperation of Other Agencies.--The heads of Executive 
departments, agencies, and independent instrumentalities shall, to the 
extent permitted by law, provide the Working Group with such 
information as the Working Group requires to carry out this section.
    (h) Consultation.--The Working Group shall consult, as appropriate, 
with representatives of the various exchanges, clearinghouses, self-
regulatory bodies, other major market participants, consumers, and the 
general public.

SEC. 4. STUDY OF REGULATORY FRAMEWORK FOR ENERGY MARKETS.

    (a) Study.--The Working Group shall conduct a study--
            (1) to 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) to review and assess--
                    (A) existing statutory authorities relating to the 
                oversight and regulation of markets critical to the 
                energy security of the United States; and
                    (B) the need for additional statutory authority for 
                the Federal Government to effectively oversee and 
                regulate markets critical to the energy security of the 
                United States.
    (b) Elements of Study.--The study shall include--
            (1) an examination of price formation of crude oil and 
        refined petroleum products;
            (2) an examination of relevant international regulatory 
        regimes; and
            (3) an examination of the degree to which changes in energy 
        market transparency, liquidity, and structure have influenced 
        or driven abuse, manipulation, excessive speculation, or 
        inefficient price formation.
    (c) Report and Recommendations.--The Secretary shall submit to the 
Committee on Energy and Natural Resources of the Senate and the 
Committee on Energy and Commerce of the House of Representatives 
quarterly progress reports during the conduct of the study under this 
section, and a final report not later than 1 year after the date of 
enactment of this Act, that--
            (1) describes the results of the study; and
            (2) 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 the elimination of 
        excessive speculation, including recommendations on data 
        collection and analysis to be carried out by the Financial 
        Market Analysis Office established by section 205(p) of the 
        Department of Energy Organization Act (42 U.S.C. 7135(p)).
    (d) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as are necessary to carry out this section.
                                 <all>
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