Expressing the sense of the House that the President should take immediate action to initiate measures to lower the burden of gasoline prices on the economy of the United States, prevent Members of the Organization of Petroleum Exporting Countries from reaping windfall profits on sales of oil to the United States, and for other purposes.

Bill: 109-hres-299
Sponsor: Rep. Bishop, Timothy H. [D-NY-1]
Introduced: 2005-05-26 in the House
Policy area: Energy
Subjects: Administrative procedure
Antitrust law
Armed Forces and National Security
Cartels
Commerce
Congress
Congressional reporting requirements
Corporate mergers
Cost effectiveness
Economic growth
Economics and Public Finance
Energy prices
Energy supplies
Federal Trade Commission
Government Operations and Politics
Government paperwork
Government publicity
Independent regulatory commissions
International Affairs
Law
OPEC countries
Overhead costs
Petroleum
Petroleum industry
Petroleum reserves
Price policy
Profit
Public Lands and Natural Resources
Rebates
Restrictive trade practices
Strategic materials

Summary:
action_date: 2005-05-26
text: 
Expresses the sense of the House of Representatives that the President should communicate directly to the members of the Organization of Petroleum Exporting Countries (OPEC) that the United States: (1) believes that restricting supply in the growing market for crude oil does serious damage to the efforts that OPEC members have made to demonstrate that they represent a reliable source of crude oil supply; (2) believes that stable crude oil prices and supplies are essential for strong economic growth throughout the world; and (3) seeks an immediate increase in OPEC crude oil production quotas.
 
Directs the President to suspend temporarily further acquisitions of crude oil for the Strategic Petroleum Reserve (SPR).
 
Suspends immediately further purchases of oil to the SPR.
 
Declares that the existing statutory cap of 700 million barrels of crude oil in the SPR should not be increased while crude oil prices remain at current high levels.
 
Instructs the President to direct the Federal Trade Commission (FTC) and the Attorney General to exercise vigorous oversight over the oil markets to protect the American people from price gouging and unfair practices at the gas pump. 
 
Directs the FTC to issue regulations requiring full disclosure by refiners and distributors of their wholesale motor fuel pricing policies, with a separate listing of each component contributing to prices, including the cost of crude oil, refining, marketing, transportation, equipment, overhead, and profit, along with portions of any rebates, incentives, and market enhancement allowances.


Legislative actions:
action_date: 2005-06-03
text: Referred to the Subcommittee on Energy and Air Quality.
action_date: 2005-05-26
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on International Relations, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-26
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on International Relations, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-26
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on International Relations, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-26
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on International Relations, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-26
text: Introduced in House
action_date: 2005-05-26
text: Introduced in House