What This Bill Does
This bill orders the Federal Trade Commission (a government agency that protects consumers and fair competition) to study how oil and gas companies conduct business and affect prices. The agency must investigate whether companies engage in unfair practices and whether those practices increase prices for everyday people. The bill requires the agency to report its findings to Congress annually for three years.
Who It Affects
The Federal Trade Commission, State attorneys general, oil and gas companies, and Congress.
Key Provisions
The Federal Trade Commission must conduct a study on anti-competitive conduct (unfair business practices that reduce competition) and collusive conduct (when companies work together illegally) by oil and gas companies and whether these practices affect prices paid by consumers. (Sec. 2(a))
The study must examine whether oil and gas companies use their money in ways that reduce fuel supply, such as cutting production investments, buying back their own stock, or other conduct the Commission considers appropriate. (Sec. 2(a)(1))
The study must analyze whether unfair business practices result in inflated prices for consumers, delay fuel supply, affect investment in additional fuel, or restrict the availability or affordability of alternative fuels or vehicle technology. (Sec. 2(a)(2))
The Federal Trade Commission must submit reports to Congress no later than one year after the law is passed and then annually for the following two years, with recommendations for legislation and actions to ensure fair and transparent oil and gas markets. (Sec. 2(b)(1))
The Commission may hire up to 50 additional staff members to conduct this study without following normal government hiring rules. (Sec. 2(d)(1))
What Changes
If this bill becomes law, the Federal Trade Commission will be required to investigate oil and gas company practices and their effect on consumer prices. The agency will hire additional staff and conduct a multi-year study that it reports to specific Congressional committees. The Paperwork Reduction Act (a law that limits how much information agencies can request) will not apply to this study. (Sec. 2(c))
Important Definitions
The bill does not define specific terms.
II
118TH CONGRESS
1ST SESSION
S. 67
To require the Federal Trade Commission to conduct a study on conduct
related to oil and gas prices, and for other purposes.
IN THE SENATE OF THE UNITED STATES
JANUARY 25, 2023
Ms. CORTEZ MASTO (for herself and Mr. LUJA´N) 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 a study
on conduct related to oil and gas prices, and for other
purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Fair and Transparent
4
Gas Prices Act of 2023’’.
5
SEC. 2. FTC STUDY ON CONDUCT RELATED TO OIL AND GAS
6
PRICES.
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(a) STUDY.—The Federal Trade Commission (in this
8
section referred to as the ‘‘Commission’’), in coordination
9
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•S 67 IS
with State attorneys general, as appropriate, shall conduct
1
a study, using the Commission’s authority under section
2
6(b) of the Federal Trade Commission Act (15 U.S.C.
3
46(b)), to investigate anti-competitive, collusive, or other
4
conduct related to oil and gas companies and markets, in-
5
cluding the actual price of oil and gas paid by consumers.
6
Such study shall include an analysis of—
7
(1) whether such oil and gas companies use
8
their financial resources in a manner that would not
9
expand or increase fuel supply, including by reduc-
10
ing investments in the production of fuel, engaging
11
in stock buy backs, or any other conduct the Com-
12
mission deems appropriate; and
13
(2) whether such anti-competitive, collusive, or
14
other conduct may—
15
(A) result in inflated costs for consumers
16
or be considered price gouging;
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(B) delay producing or delivering more fuel
18
supply;
19
(C) impact investment decisions that would
20
contribute to additional fuel supply; or
21
(D) restrict the availability, accessibility,
22
or affordability of alternative fuels or vehicle
23
technology.
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(b) REPORT.—
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•S 67 IS
(1) IN GENERAL.—Not later than 1 year after
1
the date of enactment of this Act, and annually
2
thereafter for the following 2 years, the Commission
3
shall submit to the appropriate committees of Con-
4
gress a report containing the results of the study
5
conducted under subsection (a), together with rec-
6
ommendations for such legislation and administra-
7
tive action as the Commission determines appro-
8
priate or necessary to provide fair, competitive, and
9
transparent costs and markets impacting consumers
10
with respect to oil and gas.
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(2)
APPROPRIATE
COMMITTEES
OF
CON-
12
GRESS.—In this subsection, the term ‘‘appropriate
13
committees of Congress’’ means—
14
(A) the Committee on Commerce, Science,
15
and Transportation of the Senate;
16
(B) the Committee on Energy and Natural
17
Resources of the Senate;
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(C) the Committee on Energy and Com-
19
merce of the House of Representatives; and
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(D) the Subcommittees on Financial Serv-
21
ices and General Government of the Commit-
22
tees on Appropriations of the House of Rep-
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resentatives and the Senate.
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•S 67 IS
(c) INAPPLICABILITY
OF PAPERWORK REDUCTION
1
ACT.—Chapter 35 of title 44, United States Code (com-
2
monly known as the ‘‘Paperwork Reduction Act’’), shall
3
not apply to the collection of information under subsection
4
(a).
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(d) ADDITIONAL FTC RESOURCES.—
6
(1)
ADDITIONAL
PERSONNEL.—Notwith-
7
standing any other provision of law, the Commission
8
shall, without regard to the civil service laws (includ-
9
ing regulations), appoint not more than 50 addi-
10
tional personnel, as necessary, for the purposes of
11
carrying out the study and report required under
12
this section.
13
(2) AUTHORIZATION
OF
APPROPRIATIONS.—
14
There are authorized to be appropriated to the Com-
15
mission to carry out this section $15,000,000 for
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each of fiscal years 2024 and 2025.
17
Æ
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