Gasoline Price Stabilization Act of 2007

Bill: 110-hr-1500
Sponsor: Rep. DeFazio, Peter A. [D-OR-4]
Introduced: 2007-03-13 in the House
Policy area: Energy
Subjects: Administrative procedure
Alaska
Alcohol as fuel
Alternative energy sources
Antitrust law
Automobiles
Cartels
Commerce
Competition
Congress
Congressional investigations
Congressional reporting requirements
Corporate mergers
Corporation taxes
Economic concentration
Economic impact statements
Economics and Public Finance
Emergency Management
Energy efficiency
Energy prices
Energy supplies
Excess profits tax
Export controls
Federal advisory bodies
Foreign Trade and International Finance
Free trade
Fuel consumption
Gasoline
Government Operations and Politics
Government procurement
Government vehicles
Governmental investigations
Income tax
International Affairs
International agencies
Inventories
Law
Monopolies
Motor vehicles
Petroleum
Petroleum industry
Petroleum refineries
Petroleum reserves
Presidential powers
Standards
Strategic materials
Tax credits
Taxation

Summary:
action_date: 2007-03-13
text: 
Gasoline Price Stabilization Act of 2007 - Sets forth circumstances under which the President may issue orders and regulations to stabilize prices for wholesale and retail gasoline at certain levels.
 
Amends the Energy Policy and Conservation Act to include, among prerequisites to a drawdown and sale from the Strategic Petroleum Reserve, a presidential determination that a severe price increase resulting from an emergency situation is likely to cause a major adverse impact upon a state or regional economy.
 
Expands the scope of &quot;severe energy supply interruption&quot; to encompass a reduction in supply that is substantially caused by conduct that either lessens competition, or tends to create a monopoly, by: (1) at least one foreign country or international entity; or (2) at least one producer, refiner, or marketer of petroleum products.
 
Directs the Secretary of Energy to establish mandatory minimum inventory levels of crude oil and petroleum products in order to limit the impact of unexpected supply disruptions on wholesale and retail prices.
 
Amends the Mineral Leasing Act to repeal the authorization to export Alaskan North slope oil.
 
Amends the Internal Revenue Code to: (1) impose upon an integrated oil company an additional excise tax relating to windfall profits on crude oil, to be paid by its producer; and (2) allow a tax credit for the purchase cost of any qualified fuel-efficient American-made passenger vehicle.
 
Amends the Clayton Act to: (1) prohibit certain oil industry mergers; and (2) place a one-year moratorium upon large petroleum and crude oil mergers.
 
Establishes the Petroleum Industry Concentration and Market Power Review Commission to study the concentration of ownership in the exploration, production, transportation, refinement, wholesale distribution, and retail sale of crude oil and petroleum products in the United States.
 
Amends federal transportation law to increase the average fuel economy (CAFE) standards for passenger automobiles.
 
Requires federal agency heads to manage vehicle procurement in a manner that results in specified increases in the average fuel economy of the federal vehicle fleet.


Legislative actions:
action_date: 2007-03-19
text: Referred to the Subcommittee on Energy and Mineral Resources.
action_date: 2007-03-14
text: Referred to the Subcommittee on Energy and Air Quality.
action_date: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Referred to the Committee on Energy and Commerce, and in addition to the Committees on Ways and Means, Oversight and Government Reform, the Judiciary, Natural Resources, and Foreign Affairs, 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: 2007-03-13
text: Sponsor introductory remarks on measure. (CR H2441)
action_date: 2007-03-13
text: Introduced in House
action_date: 2007-03-13
text: Introduced in House