[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 694 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 694

  To require the Federal Trade Commission to monitor and investigate 
              gasoline prices under certain circumstances.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 24, 2003

  Mrs. Boxer 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 monitor and investigate 
              gasoline prices under certain circumstances.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INVESTIGATION OF GASOLINE PRICES.

    (a) In General.--If, based on weekly data published by the Energy 
Information Administration of the Department of Energy, the average 
price of regular grade gasoline in a State increases 20 percent or more 
for at least seven days during any 3-month period, the Federal Trade 
Commission shall initiate an investigation into the retail price of 
gasoline in that State to determine if the price of gasoline is being 
artificially manipulated by reducing refinery capacity or by any other 
form of manipulation.
    (b) Report.--Not later than 14 days after the initiation of the 
investigation described in subsection (a), the Federal Trade Commission 
shall report to Congress the results of the investigation.
    (c) Public Meeting.--Not later than 14 days after issuing the 
report described in subsection (b), the Federal Trade Commission shall 
hold a public hearing in the State in which the retail price of 
gasoline was investigated as described in subsection (a) for the 
purpose of presenting the results of the investigation.
    (d) Action on Price Increase.--
            (1) Finding of market manipulation.--If the Federal Trade 
        Commission determines that the increase in gasoline prices in a 
        State is a result of market manipulation, the Federal Trade 
        Commission shall, in cooperation with the Attorney General of 
        that State, take appropriate action.
            (2) No finding of market manipulation.--If the Federal 
        Trade Commission determines that the increase in gasoline 
        prices in a State is not the result of market manipulation, the 
        Federal Trade Commission shall notify the Secretary of Energy, 
        who shall, within 2 weeks of such notification, decide if the 
        Strategic Petroleum Reserve should be used to assure adequate 
        supplies of gasoline.
    (e) Termination.--This section shall cease to apply on the date 
that is 5 years after the date of enactment of this Act.
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