[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1732 Introduced in Senate (IS)]








109th CONGRESS
  1st Session
                                S. 1732

To require the Federal Trade Commission to conduct an inquiry into the 
               retail prices of natural gas and gasoline.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 20, 2005

 Mr. Nelson of Nebraska 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 conduct an inquiry into the 
               retail prices of natural gas and gasoline.

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

SECTION 1. INQUIRY ON GASOLINE PRICES.

    (a) In General.--Not later than 14 days after the date of the 
enactment of this Act, the Federal Trade Commission shall initiate an 
inquiry into the retail prices of natural gas and gasoline to determine 
if the prices of natural gas and gasoline (both before and after 
Hurricane Katrina), including the price of gasoline containing ethanol, 
is being artificially manipulated by reducing refinery capacity, by 
speculation in oil market, or by any other form of manipulation.
    (b) Report.--Not later than 14 days after the initiation of the 
inquiry required under subsection (a), the Federal Trade Commission 
shall report to Congress the results of the inquiry.
    (c) Public Meeting.--Not later than 14 days after issuing the 
report required under subsection (b), the Federal Trade Commission 
shall hold a public hearing for the purpose of presenting the results 
of the inquiry.
    (d) Action on Price Increase.--
            (1) Finding of market manipulation.--If the Federal Trade 
        Commission determines that the increase in natural gas and 
        gasoline prices, including the price of gasoline containing 
        ethanol, is a result of market manipulation, the Federal Trade 
        Commission shall, in cooperation with the attorney general of 
        any affected State, take appropriate action.
            (2) No finding of market manipulation.--If the Federal 
        Trade Commission determines that the increase in natural gas 
        and gasoline prices, including the price of gasoline containing 
        ethanol, is not the result of market manipulation, the Federal 
        Trade Commission shall notify the Secretary of Energy. The 
        Secretary shall, not later than 14 days after receiving such 
        notification, decide if expanded use of the Strategic Petroleum 
        Reserve should be implemented to assure adequate supplies of 
        gasoline.
    (e) Termination.--This section shall cease to apply on--
            (1) the date the Federal Trade Commission makes its 
        determination described in subsection (d); or
            (2) if applicable, the date of the decision of the 
        Secretary of Energy under paragraph (2) of such subsection.
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