port of products other than measures that take the 
form of duties, taxes, or other charges. . . . This 
wording indicated clearly that any measure insti-
tuted or maintained by a contracting party which re-
stricted the exportation or sale for export of prod-
ucts was covered by this provision, irrespective of 
the legal status of the measure.’’. 
(7) Oil production restrictions clearly qualify as 
a ‘‘quantitative restriction’’ based on the original 
WTO rules and the 1988 GATT panel report, which 
certify that only ‘‘duties, taxes, or other charges’’ 
are allowable, not pacts among countries to limit 
production of a product for export. 
(8) Article XX of GATT, which sets out a se-
ries of exceptions to article XI, notes that none of 
the exceptions is valid if it is ‘‘applied in a manner 
which would constitute . . . a disguised restriction on 
international trade’’, a phrase which describes pro-
duction restrictions of OPEC. 
(9) Of the 11 OPEC countries, six are members 
of the WTO (Kuwait, Indonesia, Nigeria, Qatar, 
Venezuela, and United Arab Emirates), two have ob-
server status and have applied to join the WTO 
(Saudi Arabia and Algeria), and only three have no 
relationship with the WTO (Libya, Iran, and Iraq).
(10) Of the remaining large oil-producing coun-
tries, Mexico, Norway, and Oman are members of 
the WTO, and Russia has observer status. 
(11) Given the substantial WTO membership 
and pending membership of oil-producing countries, 
filing a complaint would likely have an immediate 
impact on the current and future behavior of these 
countries. 
(b) SENSE OF CONGRESS.—Congress strongly urges 
the President to instruct the United States Trade Rep-
resentative to file a complaint in the World Trade Organi-
zation against oil-producing countries for violating their 
obligations under the rules of that organization. 
SEC. 8. WINDFALL PROFITS TAX. 
(a) WINDFALL PROFITS TAX.— 
(1) IN GENERAL.—Subtitle E of the Internal 
Revenue Code of 1986 (relating to alcohol, tobacco, 
and certain other excise taxes) is amended by adding 
at the end the following new chapter: 
‘‘CHAPTER 
56—WINDFALL 
PROFIT 
ON 
CRUDE OIL, GASOLINE, AND PROD-
UCTS THEREOF 
‘‘Sec. 5896. Imposition of tax.
‘‘SEC. 5896. IMPOSITION OF TAX. 
‘‘(a) IN GENERAL.—In addition to any other tax im-
posed under this title, there is hereby imposed an excise 
tax on the sale in the United States of any crude oil, gaso-
line, or other taxable product equal to the applicable per-
centage of the windfall profit on such sale. 
‘‘(b) DEFINITIONS.—For purposes of this section— 
‘‘(1) TAXABLE
PRODUCT.—The term ‘taxable 
product’ means any fuel which is a product of crude 
oil or gasoline. 
‘‘(2) WINDFALL PROFIT.—The term ‘windfall 
profit’ means, with respect to any sale, so much of 
the profit on such sale as exceeds a reasonable prof-
it. 
‘‘(3) APPLICABLE
PERCENTAGE.—The term 
‘applicable percentage’ means— 
‘‘(A) 50 percent to the extent that the 
profit on the sale exceeds 100 percent of the 
reasonable profit on the sale but does not ex-
ceed 102 percent of the reasonable profit on the 
sale; 
‘‘(B) 75 percent to the extent that the 
profit on the sale exceeds 102 percent of the 
reasonable profit on the sale but does not ex-
ceed 105 percent of the reasonable profit on the 
sale; and
‘‘(C) 100 percent to the extent that the 
profit on the sale exceeds 105 percent of the 
reasonable profit on the sale. 
‘‘(4) REASONABLE PROFIT.—The term ‘reason-
able profit’ means the amount determined by the 
Reasonable Profits Board, established under section 
8(c) of the ‘Gasoline Price Stabilization Act of 
2005’, to be a reasonable profit on the sale. 
‘‘(c) LIABILITY FOR PAYMENT OF TAX.—The taxes 
imposed by subsection (a) shall be paid by the seller.’’. 
(2) CLERICAL
AMENDMENT.—The table of 
chapters for subtitle E of such Code is amended by 
adding at the end the following new item: 
‘‘CHAPTER 56. WINDFALL PROFIT ON CRUDE OIL, GASOLINE, AND PRODUCTS 
THEREOF’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this section shall take effect on the date that is 
90 days after the date of the enactment of this Act. 
(b) CREDIT
FOR PURCHASING FUEL EFFICIENT 
AMERICAN-MADE PASSENGER VEHICLES.— 
(1) IN GENERAL.—Subpart A of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code 
of 1986 (relating to nonrefundable personal credits) 
is amended by inserting after section 25B the fol-
lowing new section:
‘‘SEC. 25C. PURCHASE OF FUEL-EFFICIENT AMERICAN- 
MADE PASSENGER VEHICLES. 
‘‘(a) IN GENERAL.—In the case of an individual, 
there shall be allowed as a credit against the tax imposed 
by this chapter for the taxable year an amount equal to 
the cost of any qualified passenger vehicle purchased by 
the taxpayer during the taxable year. 
‘‘(b) MAXIMUM CREDIT.—The credit allowed by this 
section for the taxable year shall not exceed— 
‘‘(1) $3,000 in the case of a qualified passenger 
vehicle not described in paragraph (2) or (3), 
‘‘(2) $4,500 in the case of a qualified passenger 
vehicle the fuel economy of which is— 
‘‘(A) in the case of a truck or sport utility 
vehicle, at least 45 miles per gallon but less 
than 55 miles per gallon, and 
‘‘(B) in any other case, at least 55 miles 
per gallon but less than 65 miles per gallon, 
and 
‘‘(3) $6,000 in the case of a qualified passenger 
vehicle the fuel economy of which is— 
‘‘(A) in the case of a truck or sport utility 
vehicle, at least 55 miles per gallon, and 
‘‘(B) in any other case, at least 65 miles 
per gallon.
‘‘(c) QUALIFIED PASSENGER VEHICLE.—For pur-
poses of this section— 
‘‘(1) IN
GENERAL.—The term ‘qualified pas-
senger vehicle’ means any automobile (as defined in 
section 4064(b)(1))— 
‘‘(A) which is purchased after the date of 
the enactment of this section, 
‘‘(B) which is assembled in the United 
States by individuals employed under a collec-
tive bargaining agreement, 
‘‘(C) the original use of which begins with 
the taxpayer, 
‘‘(D) substantially all of the use of which 
is for personal, nonbusiness purposes, and 
‘‘(E) the fuel economy of such automobile 
is— 
‘‘(i) at least 35 miles per gallon in the 
case of a truck or sport utility vehicle, and 
‘‘(ii) at least 45 miles per gallon in 
any other case. 
‘‘(2) FUEL ECONOMY.—Fuel economy shall be 
determined in accordance with section 4064. 
‘‘(d) SPECIAL RULES.— 
‘‘(1) BASIS
REDUCTION.—The basis of any 
property for which a credit is allowable under sub-
section (a) shall be reduced by the amount of such 
credit. 
‘‘(2) PROPERTY USED OUTSIDE UNITED STATES 
NOT QUALIFIED.—No credit shall be allowed under 
subsection (a) with respect to any property referred 
to in section 50(b).’’. 
(2) CLERICAL AMENDMENT.—The table of sec-
tions for such subpart A is amended by inserting 
after the item relating to section 25B the following 
new item: 
‘‘Sec. 25C. Purchase of fuel-efficient American-made passenger vehicles.’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this section shall apply to taxable years ending 
after the date of the enactment of this Act. 
(c) REASONABLE PROFITS BOARD.— 
(1) ESTABLISHMENT.—There is established an 
independent board to be known as the ‘‘Reasonable 
Profits Board’’ (in this subsection referred to as the 
‘‘Board’’). 
(2) DUTIES.—The Board shall make reasonable 
profit determinations for purposes of applying sec-
tion 5896 of the Internal Revenue Code of 1986, as 
added by subsection (a) (relating to windfall profit 
on crude oil, gasoline, and products thereof). 
(3) ADVISORY COMMITTEE.—The Board shall 
be considered an advisory committee within the
meaning of the Federal Advisory Committee Act (5 
U.S.C. App.). 
(4) APPOINTMENT.— 
(A) MEMBERS.—The Board shall be com-
posed of three members appointed by the Presi-
dent of the United States. 
(B) TERM.—Member of the Board shall be 
appointed for a term of three years. 
(C) VACANCIES.—Any member appointed 
to fill a vacancy occurring before the expiration 
of the term for which the predecessor of the 
member was appointed shall be appointed only 
for the remainder of that term. A member may 
serve after the expiration of the term of such 
member until a successor has taken office. A 
vacancy in the Board shall be filled in the man-
ner in which the original appointment was 
made. 
(5) FINANCIAL INTERESTS.— 
(A) PROHIBITION.—No member may have 
a financial interest in any of the businesses for 
which reasonable profits are determined by the 
Board.
(B) REMOVAL.—A member shall be re-
moved from the Board if the member is in vio-
lation of subparagraph (A). 
(6) PAY AND TRAVEL EXPENSES.— 
(A) PAY.—Notwithstanding section 7 of 
the Federal Advisory Committee Act (5 U.S.C. 
App.), members of the Board shall be paid at 
a rate equal to the daily equivalent of the min-
imum annual rate of basic pay for level IV of 
the Executive Schedule under section 5315 of 
title 5, United States Code, for each day (in-
cluding travel time) during which the member is 
engaged in the actual performance of duties 
vested in the Board. 
(B) TRAVEL
EXPENSES.—Members shall 
receive travel expenses, including per diem in 
lieu of subsistence, in accordance with section 
5702 and 5703 of title 5, United States Code. 
(7) DIRECTOR OF STAFF.— 
(A) QUALIFICATIONS.—The Board shall 
appoint a Director who has no financial inter-
ests in any of the businesses for which reason-
able profits are determined by the Board. 
(B) PAY.—Notwithstanding section 7 of 
the Federal Advisory Committee Act (5 U.S.C.
App.), the Director shall be paid at the rate of 
basic pay payable for level IV of the Executive 
Schedule under section 5315 of title 5, United 
States Code. 
(8) STAFF.— 
(A) ADDITIONAL PERSONNEL.—The Direc-
tor, with the approval of the Board, may ap-
point and fix the pay of additional personnel. 
(B) APPOINTMENTS.—The Director may 
make such appointments without regard to the 
provisions of title 5, United States Code, gov-
erning appointments in the competitive service, 
and any personnel so appointed may be paid 
without regard to the provisions of chapter 51 
and subchapter III of chapter 53 of that title 
relating to classification and General Schedule 
pay rates. 
(C) DETAILEES.—Upon the request of the 
Director, the head of any Federal department 
or agency may detail any of the personnel of 
that department or agency to the Board to as-
sist the Board in accordance with an agreement 
entered into with the Board. 
(D) ASSISTANCE.—The Comptroller Gen-
eral of the United States may provide assist-
ance, including the detailing of employees, to 
the Board in accordance with an agreement en-
tered into with the Board. 
(9) OTHER AUTHORITY.— 
(A) EXPERTS
AND
CONSULTANTS.—The 
Board may procure by contract, to the extent 
funds are available, the temporary or intermit-
tent services of experts or consultants pursuant 
to section 3109 of title 5, United States Code. 
(B) LEASING.—The Board may lease 
space and acquire personal property to the ex-
tent that funds are available. 
(10) FUNDING.—There are authorized to be ap-
propriated such funds as are necessary to carry out 
this subsection. 
SEC. 9. MERGER MORATORIUMS. 
(a) PROHIBITION ON CERTAIN MERGERS IN OIL IN-
DUSTRY.—Section 7 of the Clayton Act (15 U.S.C. 18) 
is amended by adding at the end the following: 
‘‘No person engaged in commerce in the petroleum 
industry may be acquired by another person unless the 
acquisition is likely to result in a net benefit to consumers 
by maintaining or increasing competition.’’. 
(b) MORATORIUM
ON
LARGE
PETROLEUM
AND 
CRUEL OIL MERGERS.—
(1) ONE-YEAR MORATORIUM.—During the one- 
year period beginning on the date of the enactment 
of this Act and except as provided in paragraph (2), 
with respect to petroleum and crude oil products no 
explorer, producer, transporter, refiner, or wholesale 
distributor of such products, or operator of a retail 
gasoline outlet, with annual net sales or total assets 
of more than $10,000,000 shall merge or acquire, 
directly or indirectly, any voting securities or assets 
of any other such explorer, producer, transporter, re-
finer, distributor, or operator with annual net sales 
or total assets of more than $10,000,000. 
(2) WAIVER AUTHORITY.—The Attorney Gen-
eral may waive the moratorium imposed by 
paragragraph (1) only under extraordinary cir-
cumstances, such as insolvency or similar financial 
distress of one of the affected parties. 
SEC. 10. PETROLEUM INDUSTRY CONCENTRATION AND 
MARKET POWER REVIEW COMMISSION. 
(a) ESTABLISHMENT OF COMMISSION.—There is es-
tablished a commission to be known as the ‘‘Petroleum 
Industry Concentration and Market Power Review Com-
mission’’ (in this section referred to as the ‘‘Commis-
sion’’). 
(b) DUTIES OF THE COMMISSION.—
(1) STUDY
ON
PETROLEUM
INDUSTRY.—The 
Commission shall study the nature, causes, and con-
sequences of concentration of ownership in the ex-
ploration, production, transportation, refinement, 
wholesale distribution, and retail sale of crude oil 
and petroleum products in the United States in the 
broadest possible terms. 
(2) ISSUES
TO
BE
ADDRESSED.—The study 
shall include an examination of the following mat-
ters: 
(A) The nature and extent of the con-
centration described in paragraph (1). 
(B) Current trends in such concentration 
and what such industry is likely to look like in 
the near term and longer term future. 
(C) The effect of such concentration on the 
exploration, production, transportation, refine-
ment, wholesale distribution, and retail sale of 
crude oil and petroleum products. 
(D) The effect of such concentration on 
prices at the wholesale and retail levels. 
(E) The effect of such concentration on 
consumers of petroleum products, including re-
tail consumers, businesses (including fuel de-
pendent industries such as aviation and truck-
ing), and farmers. 
(F) The relationship between current laws 
and administrative practices and the support 
and encouragement of such concentration. 
(G) Such related matters as the Commis-
sion determines to be important. 
(c) MEMBERSHIP OF COMMISSION.— 
(1) COMPOSITION.—The Commission shall be 
composed of 12 members as follows: 
(A) Three persons shall be appointed by 
the President pro tempore of the Senate upon 
the recommendation of the Majority Leader of 
the Senate, after consultation with the Chair-
man of the Committee on Energy and Natural 
Resources. 
(B) Three persons shall be appointed by 
the President pro tempore of the Senate upon 
the recommendation of the Minority Leader of 
the Senate, after consultation with the ranking 
minority member of the Committee on Energy 
and Natural Resources. 
(C) Three persons shall be appointed by 
the Speaker of the House of Representatives,
after consultation with the Chairman of the 
Committee on Energy and Commerce. 
(D) Three persons shall be appointed by 
the Minority Leader of the House of Represent-
atives, after consultation with the ranking mi-
nority member of the Committee on Energy and 
Commerce. 
(2) QUALIFICATIONS OF MEMBERS.— 
(A) APPOINTMENTS.—Persons who are ap-
pointed under paragraph (1) shall be persons 
who— 
(i) have expertise in petroleum eco-
nomics and antitrust, or have other perti-
nent qualifications or experience relating to 
petroleum industries; and 
(ii) are not officers or employees of 
the United States. 
(B) 
OTHER
CONSIDERATION.—Persons 
who are appointed under paragraph (1) shall— 
(i) be representative of a broad cross 
sector of— 
(I) explorers, producers, trans-
porters, refiners, wholesale distribu-
tors, and retail sellers in the petro-
leum industry;
(II) various antitrust perspectives 
within the United States; and 
(III) consumers, fuel-dependent 
businesses, and other interests that 
the Secretary considers necessary to 
ensure a balanced representation of 
perspectives and expertise in the pe-
troleum industry; and 
(ii) provide fresh insights to analyzing 
the causes and impacts of the concentra-
tion of ownership described in subsection 
(b)(1). 
(3) PERIOD
OF
APPOINTMENT
AND
VACAN-
CIES.— 
(A) PERIOD OF APPOINTMENT.—Members 
shall be appointed not later than 60 days after 
the date of enactment of this Act and the ap-
pointment shall be for the life of the Commis-
sion. 
(B) VACANCIES.—Any vacancy in the 
Commission shall not affect its powers, but 
shall be filled in the same manner as the origi-
nal appointment. 
(4) MEETINGS.—
(A) IN GENERAL.—The Commission shall 
meet at the call of the Chairman. 
(B) INITIAL MEETING.—Not later than 30 
days after the date on which all members of the 
Commission have been appointed, the Commis-
sion shall hold its first meeting. 
(5) CHAIRMAN
AND
VICE
CHAIRMAN.—The 
members of the Commission shall elect a chairman 
and vice chairman from among the members of the 
Commission. 
(6) QUORUM.—A majority of the members of 
the Commission shall constitute a quorum for the 
transaction of business. 
(d) FINAL REPORT.— 
(1) 
FINDINGS, 
CONCLUSION, 
AND
REC-
OMMENDATIONS
OF
COMMISSION.—Not later than 
12 months after the date of the initial meeting of 
the Commission, the Commission shall submit to the 
President and Congress a final report that con-
tains— 
(A) the findings and conclusions of the 
study of the Commission required under sub-
section (b); and 
(B) recommendations for addressing any 
problems identified in such study.
(2) SEPARATE
VIEWS.—Any member of the 
Commission may submit additional findings and rec-
ommendations as part of the final report. 
(e) POWERS OF COMMISSION.— 
(1) HEARINGS.—The Commission may hold 
such hearings, sit and act at such times and places, 
take such testimony, and receive such evidence as 
the Commission may find advisable to fulfill the re-
quirements of this section. The Commission shall 
hold at least one hearing in Washington, D.C., and 
at least four in a variety of geographic regions of the 
United States. 
(2) INFORMATION FROM FEDERAL AGENCIES.— 
The Commission may secure directly from any Fed-
eral department or agency such information as the 
Commission considers necessary to carry out the 
provisions of this section. Upon request of the Chair-
man of the Commission, the head of such depart-
ment or agency shall furnish such information to the 
Commission. 
(3) MAILS.—The Commission may use the 
United States mails in the same manner and under 
the same conditions as other departments and agen-
cies of the Federal Government. 
(f) COMMISSION PERSONNEL MATTERS.—
(1) COMPENSATION OF MEMBERS.—Each mem-
ber of the Commission shall be compensated at a 
rate equal to the daily equivalent of the annual rate 
of basic pay prescribed for level IV of the Executive 
Schedule under section 5315 of title 5, United 
States Code, for each day (including travel time) 
during which such member is engaged in the per-
formance of the duties of the Commission. 
(2) TRAVEL EXPENSES.—The members of the 
Commission shall be allowed travel expenses, includ-
ing per diem in lieu of subsistence, at rates author-
ized for employees of agencies under subchapter I of 
chapter 57 of title 5, United States Code, while 
away from their homes or regular places of business 
in the performance of duties of the Commission. 
(3) STAFF.— 
(A) IN GENERAL.—The Chairman of the 
Commission may, without regard to the civil 
service laws and regulations, appoint and termi-
nate an executive director and such other addi-
tional personnel as may be necessary to enable 
the Commission to perform its duties. The em-
ployment of an executive director shall be sub-
ject to confirmation by the Commission.
(B) COMPENSATION.—The Chairman of 
the Commission may fix the compensation of 
the executive director and other personnel with-
out regard to the provisions of chapter 51 and 
subchapter III of chapter 53 of title 5, United 
States Code, relating to classification of posi-
tions and General Schedule pay rates, except 
that the rate of pay for the executive director 
and other personnel may not exceed the rate 
payable for level V of the Executive Schedule 
under section 5316 of such title. 
(4) DETAIL
OF
GOVERNMENT
EMPLOYEES.— 
Upon request of the Chairman, the head of any Fed-
eral department or agency may detail any of the per-
sonnel of that department or agency to the Commis-
sion to assist it in carrying out its duties under this 
section. Such detail shall be without reimbursement 
and without interruption or loss of civil service sta-
tus or privilege. 
(5) PROCUREMENT OF TEMPORARY AND INTER-
MITTENT SERVICES.—The Chairman of the Commis-
sion may procure temporary and intermittent serv-
ices under section 3109(b) of title 5, United States 
Code, at rates for individuals which do not exceed 
the daily equivalent of the annual rate of basic pay
prescribed for level V of the Executive Schedule 
under section 5316 of such title. 
(g) SUPPORT SERVICES.—The Administrator of Gen-
eral Services shall provide to the Commission on a reim-
bursable basis such administrative support services as the 
Commission may request. 
(h) AUTHORIZATION FOR APPROPRIATIONS.—There 
is authorized to be appropriated $2,000,000 to carry out 
the provisions of this section. 
SEC. 11. INCREASED AVERAGE FUEL ECONOMY STAND-
ARDS FOR PASSENGER AUTOMOBILES AND 
LIGHT TRUCKS. 
(a) 
DEFINITION
OF
LIGHT
TRUCK.—Section 
32901(a) of title 49, United States Code, is amended by 
adding at the end the following: 
‘‘(17) ‘light truck’ has the meaning given that 
term in regulations prescribed by the Secretary of 
Transportation in the administration of this chap-
ter.’’. 
(b) INCREASED STANDARDS.—Section 32902 of such 
title is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘NON-PASSENGER AUTO-
MOBILES—’’ and inserting ‘‘PRESCRIPTION OF 
STANDARDS BY REGULATION—’’; and