Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. PETROLEUM PRODUCT PRICING.

(a) Working Group.--The Secretary of Energy shall establish, and
serve as the Chair of, an interagency working group consisting of
representatives from the Federal Energy Regulatory Commission, the
Federal Trade Commission, and other appropriate Federal agencies.
(b) Study.--The working group established under subsection (a)
shall conduct a study to--
(1) identify the factors that affect the pricing of crude
oil and refined petroleum products, including an examination of
the effects of market speculation on prices; and
(2) review and assess the roles, missions, and structures
of relevant Federal agencies, examine interagency coordination,
and identify and assess the gaps which need to be filled for
the Federal Government to effectively oversee and regulate
crude oil and refined petroleum product markets.
(c) Elements of Study.--Such study shall include--
(1) an examination of price formation with respect to crude
oil and refined petroleum products;
(2) an examination of the respective degree to which the
regulation by national governments, or lack thereof, in
international markets may allow or tolerate excessive
speculation, market manipulation, or other abuses which impact
crude oil or refined petroleum product prices; and
(3) an examination of the degree to which changes in
transparency, liquidity, and structure have influenced or
driven abuse, manipulation, excessive speculation, or
inefficient price formation.
(d) Conduct of Study.--In conducting the study, the Secretary
shall--
(1) utilize the expertise and resources of the Office of
Fossil Energy, the Office of Policy and International Affairs,
the Office of the General Counsel, and such other offices in
the Department of Energy that have expertise bearing on the
operation of and laws applying to crude oil and petroleum
product markets;
(2) designate one such office to serve as the Secretariat
for the Task Force;
(3) utilize the expertise and resources of the Energy
Information Administration, particularly in validating
statistical data that may be relevant; and
(4) be authorized to procure by contract such private
commercial expertise and resources as are required to complete
the study in a complete, timely, and credible manner.
(e) Information From Federal Agencies.--Each executive department,
bureau, commission, agency, board, office, independent establishment,
or instrumentality of the Federal Government shall make available to
the working group upon request any data, information, estimates,
statistics, and access to any employee necessary for the conduct of the
study under this section.
(f) Public Hearings.--The Secretary of Energy shall provide for not
less than 3 public hearings at locations across the country to take
testimony, on the record, as part of the fact gathering process to
enable the working group to perform its functions under this section.
(g) Consultation.--The working group shall consult with domestic
and international oil industry participants, the financial services and
futures industry, commodity exchanges, industry and financial
consultants, wholesale, retail, and consumer organizations, academic
and nonprofit organizations, and local, State, national, and
international governmental organizations.
(h) Subpoena Power.--The Secretary of Energy shall have the power
to compel the production of records and testimony for the purposes of
the working group, and may exercise the powers of the Department of
Energy to secure information and data necessary to carry out the
requirements of this section.
(i) Report and Recommendations.--
(1) In general.--During the conduct of the study under this
section, the Secretary of Energy shall provide to the Committee
on Energy and Commerce of the House of Representatives and the
Committee on Energy and Natural Resources of the Senate
quarterly progress reports, and not later than 1 year after the
date of enactment of this Act the Secretary shall transmit to
such committees a report that--
(A) describes the results of the study; and
(B) provides options and the recommendations of the
working group for appropriate Federal coordination of
oversight and regulatory actions to ensure transparency
of crude oil and refined petroleum product pricing and
elimination of excessive speculation.
(2) Immediate action.--If at any time during the course of
the preparation of the study the Secretary of Energy determines
that there is a basis for a policy recommendation to Congress
to modify United States laws or regulatory authorities so as to
protect United States energy consumers from the potential for
abuse and manipulation by activities taking place in energy
markets or exchanges, the Secretary shall make such
recommendations immediately to the Committee on Energy and
Commerce of the House of Representatives and the Committee on
Energy and Natural Resources of the Senate.
(j) Authorization of Appropriations.--There are authorized to be
appropriated for carrying out this section--
(1) $21,000,000 to the Secretary of Energy;
(2) $1,000,000 to the Federal Energy Regulatory Commission;
(3) $1,000,000 to the Federal Trade Commission; and
(4) $2,000,000 to other Federal agencies participating in
the interagency working group.
A:
Directs the Secretary of Energy to establish an interagency working group to study and report to specified congressional committees on: (1) factors that affect the pricing of crude oil and refined petroleum products; and (2) the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps which need to be filled for the federal government to effectively oversee and regulate crude oil and refined petroleum product markets.