S.1263 - Petroleum Consumer Price Gouging Protection Act110th Congress (2007-2008)
|Sponsor:||Sen. Cantwell, Maria [D-WA] (Introduced 05/02/2007)|
|Committees:||Senate - Commerce, Science, and Transportation|
|Latest Action:||05/02/2007 Read twice and referred to the Committee on Commerce, Science, and Transportation. (All Actions)|
This bill has the status Introduced
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Summary: S.1263 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (05/02/2007)
Petroleum Consumer Price Gouging Protection Act - Declares it unlawful for a supplier to sell crude oil, gasoline, or petroleum distillates at an unconscionably excessive price in an area the President declares an energy emergency area.
States it is unlawful for any person to employ, in connection with the wholesale purchase or sale of crude oil, gasoline, or petroleum distillates, any manipulative or deceptive device or contrivance in contravention of Federal Trade Commission (FTC) rules.
States it is unlawful for any person to report information to the FTC related to the wholesale price of crude oil, gasoline, or petroleum distillates if the person: (1) knows, or reasonably should know, the information to be false or misleading; and (2) intends the false or misleading data to affect market data compiled by the FTC for statistical or analytical purposes.
Authorizes the President to declare a federal energy emergency if the well-being of U.S. citizens is at risk because of a shortage or imminent shortage of adequate supplies of crude oil, gasoline, or petroleum distillates because of: (1) a disruption in the national distribution system; or (2) significant pricing anomalies in the national energy markets for such products.
Empowers the FTC and state attorneys general to enforce this Act.
Declares that this Act does not preempt state law.
Sets forth civil and criminal penalties for violations of this Act.