S.1717 - Oil and Gas Price Gouging Prevention Act of 2005109th Congress (2005-2006)
|Sponsor:||Sen. Dayton, Mark [D-MN] (Introduced 09/19/2005)|
|Committees:||Senate - Commerce, Science, and Transportation|
|Latest Action:||09/19/2005 Read twice and referred to the Committee on Commerce, Science, and Transportation. (All Actions)|
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Summary: S.1717 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in Senate (09/19/2005)
Oil and Gas Price Gouging Prevention Act of 2005 - States that it is unlawful during the period of a major disaster or emergency designated by the President to increase the price of any oil or gas product more than 15 percent above its price immediately prior to the declaration, unless such increase is attributable to additional costs incurred by either the seller or national or international market trends.
Instructs the Federal Trade Commission (FTC) to establish procedures to report violations of this Act, including links on its Internet website and a toll-free telephone number.
Subjects violations of this Act to maximum criminal penalties of $10 million if a corporation, or, if any other person, $350,000, or imprisonment, or both.
Authorizes the FTC to impose a maximum civil penalty of $5,000 for each such violation. States that each day of violation shall constitute a separate offense.
Authorizes state Attorneys General to bring a civil action for a violation of this Act.