1.Investigation of gasoline
prices
(a)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 7
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)Not
later than 30 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)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)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.