H.R.1500 - Gasoline Price Stabilization Act of 2007110th Congress (2007-2008)
|Sponsor:||Rep. DeFazio, Peter A. [D-OR-4] (Introduced 03/13/2007)|
|Committees:||House - Energy and Commerce; Foreign Affairs; Judiciary; Natural Resources; Oversight and Government Reform; Ways and Means|
|Latest Action:||03/19/2007 Referred to the Subcommittee on Energy and Mineral Resources.|
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Summary: H.R.1500 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (03/13/2007)
Gasoline Price Stabilization Act of 2007 - Sets forth circumstances under which the President may issue orders and regulations to stabilize prices for wholesale and retail gasoline at certain levels.
Amends the Energy Policy and Conservation Act to include, among prerequisites to a drawdown and sale from the Strategic Petroleum Reserve, a presidential determination that a severe price increase resulting from an emergency situation is likely to cause a major adverse impact upon a state or regional economy.
Expands the scope of "severe energy supply interruption" to encompass a reduction in supply that is substantially caused by conduct that either lessens competition, or tends to create a monopoly, by: (1) at least one foreign country or international entity; or (2) at least one producer, refiner, or marketer of petroleum products.
Directs the Secretary of Energy to establish mandatory minimum inventory levels of crude oil and petroleum products in order to limit the impact of unexpected supply disruptions on wholesale and retail prices.
Amends the Mineral Leasing Act to repeal the authorization to export Alaskan North slope oil.
Amends the Internal Revenue Code to: (1) impose upon an integrated oil company an additional excise tax relating to windfall profits on crude oil, to be paid by its producer; and (2) allow a tax credit for the purchase cost of any qualified fuel-efficient American-made passenger vehicle.
Amends the Clayton Act to: (1) prohibit certain oil industry mergers; and (2) place a one-year moratorium upon large petroleum and crude oil mergers.
Establishes the Petroleum Industry Concentration and Market Power Review Commission to study the concentration of ownership in the exploration, production, transportation, refinement, wholesale distribution, and retail sale of crude oil and petroleum products in the United States.
Amends federal transportation law to increase the average fuel economy (CAFE) standards for passenger automobiles.
Requires federal agency heads to manage vehicle procurement in a manner that results in specified increases in the average fuel economy of the federal vehicle fleet.