Oversight to Lower Oil Prices Act

Bill: 117-s-4049
Sponsor: full_name: Sen. Hassan, Margaret Wood [D-NH]
Introduced: 2022-04-07
Policy area: Commerce
Subjects: Civil actions and liability

Competition and antitrust

Congressional oversight

Consumer affairs

Energy prices

Energy storage, supplies, demand

Fraud offenses and financial crimes

Government studies and investigations

Motor fuels

Oil and gas
Latest action: action_date: 2022-04-07
text: Read twice and referred to the Committee on Commerce, Science, and Transportation.

Summaries:
action_date: 2022-04-07
action_desc: Introduced in Senate
text: <p><strong>Oversight to Lower Oil Prices Act</strong></p> <p>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.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4049 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.

1. Short title This Act may be cited as the Oversight to Lower Oil Prices Act . 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. 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.