Title: Oversight to Lower Oil Prices Act
Policy area: Commerce

Summary:
Oversight to Lower Oil Prices Act
This bill requires the Federal Trade Commission to investigate for evidence of market manipulation or reporting of false information in the oil, gas, petroleum, and petroleum product industries.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4049 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4049

 To require the Federal Trade Commission to investigate and report on 
                 practices in the oil and gas industry.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 7, 2022

 Ms. Hassan (for herself, Mr. Merkley, Mr. Kelly, and Mr. Blumenthal) 
introduced the following bill; which was read twice and referred to the 
           Committee on Commerce, Science, and Transportation

_______________________________________________________________________

                                 A BILL


 
 To require the Federal Trade Commission to investigate and report on 
                 practices in the oil and gas industry.

    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 ``Oversight to Lower Oil Prices Act''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Appropriate committees of congress.--The term 
        ``appropriate committees of Congress'' means Committee on 
        Energy and Commerce of the House of Representatives, the 
        Committee on the Judiciary of the House of Representatives, 
        Committee on Energy and Natural Resources of the Senate, the 
        Committee on the Judiciary of the Senate, and the Committee on 
        Commerce, Science, and Transportation of the Senate.
            (2) Commission.--The term ``Commission'' means the Federal 
        Trade Commission.

SEC. 3. INVESTIGATION INTO AND REPORTING ON MARKET MANIPULATION IN THE 
              OIL AND GAS INDUSTRY.

    (a) Investigation.--Not later than 45 days after the date of 
enactment of this Act, the Commission shall initiate an investigation 
under sections 811 and 812 of the Energy Independence and Security Act 
of 2007 (42 U.S.C. 17301, 17302) looking for evidence of market 
manipulation or reporting of false information in the oil, gas, 
petroleum, and petroleum product industries.
    (b) Reporting.--
            (1) In general.--Not later than 180 days after the date of 
        enactment of this Act, the Commission shall submit a report to 
        the appropriate committees of Congress concerning any--
                    (A) investigations undertaken under section 811 or 
                812 of the Energy Independence and Security Act of 2007 
                (42 U.S.C. 17301, 17302);
                    (B) enforcement actions initiated under section 813 
                of such Act (42 U.S.C. 17303); and
                    (C) penalties levied under section 814 of such Act 
                (42 U.S.C. 17304).
            (2) Form of report.--The report required under paragraph 
        (1) shall be submitted in an unclassified form but may include 
        a classified annex.
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