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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 847 Placed on Calendar Senate (PCS)]

                                                        Calendar No. 81
109th CONGRESS
  1st Session
                                 S. 847

  To lower the burden of gasoline prices on the economy of the United 
States and circumvent the efforts of OPEC to reap windfall oil profits.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             April 19, 2005

  Ms. Stabenow (for herself and Mr. Schumer) introduced the following 
                  bill; which was read the first time

                             April 20, 2005

             Read the second time and placed on the calendar

_______________________________________________________________________

                                 A BILL

 
  To lower the burden of gasoline prices on the economy of the United 
States and circumvent the efforts of OPEC to reap windfall oil profits.

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

SECTION 1. GASOLINE AND CRUDE OIL PRICES.

    (a) Findings.--Congress finds that--
            (1) the prices of gasoline and crude oil have a direct and 
        substantial impact on the financial well-being of families of 
        the United States, the potential for national economic 
        recovery, and the economic security of the United States;
            (2) on April 12, 2005, crude oil prices closed at the 
        exceedingly high level of $51.86 per barrel and the price of 
        crude oil has remained above $50 per barrel since February 22, 
        2005;
            (3) on April 11, 2005, the Energy Information 
        Administration announced that the national price of gasoline, 
        at $2.28 per gallon--
                    (A) had set a new record high for a 4th consecutive 
                week;
                    (B) was $0.49 higher than last year; and
                    (C) could reach even higher levels in the near 
                future;
            (4) despite the severely high, sustained price of crude 
        oil--
                    (A) the Organization of Petroleum Exporting 
                Countries (referred to in this section as ``OPEC'') has 
                refused to adequately increase production to calm 
                global oil markets and officially abandoned its $22-$28 
                price target; and
                    (B) officials of OPEC member nations have publicly 
                indicated support for maintaining oil prices of $40-$50 
                per barrel;
            (5) the Strategic Petroleum Reserve (referred to in this 
        section as ``SPR'') was created to enhance the physical and 
        economic security of the United States;
            (6) the law allows the SPR to be used to provide relief 
        when oil and gasoline supply shortages cause economic hardship;
            (7) the proper management of the resources of the SPR could 
        provide gasoline price relief to families of the United States 
        and provide the United States with a tool to counterbalance 
        OPEC supply management policies;
            (8) the Administration's current policy of filling the SPR 
        despite the fact that the SPR is more than 98 percent full has 
        exacerbated the rising price of crude oil and record high 
        retail price of gasoline;
            (9) in order to combat high gasoline prices during the 
        summer and fall of 2000, President Clinton released 30,000,000 
        barrels of oil from the SPR, stabilizing the retail price of 
        gasoline;
            (10) increasing vertical integration has allowed--
                    (A) the 5 largest oil companies in the United 
                States to control almost as much crude oil production 
                as the Middle Eastern members of OPEC, over \1/2\ of 
                domestic refiner capacity, and over 60 percent of the 
                retail gasoline market; and
                    (B) the top 10 oil companies in the world to make 
                more than $100,000,000,000 in profit and in some 
                instances to post record-breaking fourth quarter 
                earnings that were in some cases more than 200 percent 
                higher than the previous year;
            (11) the Administration has failed to manage the SPR in a 
        manner that would provide gasoline price relief to working 
        families; and
            (12) the Administration has failed to adequately demand 
        that OPEC immediately increase oil production in order to lower 
        crude oil prices and safeguard the world economy.
    (b) Sense of Congress.--It is the sense of Congress that the 
President should--
            (1) directly confront OPEC and challenge OPEC to 
        immediately increase oil production; and
            (2) direct the Federal Trade Commission and Attorney 
        General to exercise vigorous oversight over the oil markets to 
        protect the people of the United States from price gouging and 
        unfair practices at the gasoline pump.
    (c) Strategic Petroleum Reserve.--
            (1) In general.--For the period beginning on the date of 
        enactment of this Act and ending on the date that is 30 days 
        after the date of enactment of this Act--
                    (A) deliveries of oil to the SPR shall be 
                suspended; and
                    (B) 1,000,000 barrels of oil per day shall be 
                released from the SPR.
            (2) Extension.--If necessary to lower the burden of 
        gasoline prices on the economy of the United States and to 
        circumvent the efforts of OPEC to reap windfall crude oil 
        profits, 1,000,000 barrels of oil per day shall be released 
        from the Strategic Petroleum Reserve for an additional 30 days.
                                                        Calendar No. 81

109th CONGRESS

  1st Session

                                 S. 847

_______________________________________________________________________

                                 A BILL

  To lower the burden of gasoline prices on the economy of the United 
States and circumvent the efforts of OPEC to reap windfall oil profits.

_______________________________________________________________________

                             April 20, 2005

            Read the second time and placed on the calendar
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