WashingtonWatch.com - H.R. 1252, The Federal Price Gouging Prevention Act

Comment by Brian (November 2, 2007, 01:00:00)

Fri, 02 Nov 2007 00:00:00 EDT

Clearly, something drastic needs to be done to bring oil/gas prices to heel. Anyone with half a brain should realize that the American people are being bent over a barrel (pun intended) by OPEC and the oil industry as a whole. These Islamic extremists are simply using oil as a weapon of Jihad, they know that it is "The Great Satan's" (America's) "Achille's heel". Right now (11-02-07) oil is knocking on $100 a barrel, this is enough excuse for big oil to raise gas prices well over $5 per gallon, and I can only imagine how high these prices will be by summer of '08....

Revision by webmaster (June 18, 2007, 01:00:00)

Mon, 18 Jun 2007 00:00:00 EDT

H.R. 1252 would protect consumers from price-gouging of gasoline and other fuels.

Detailed Summary

Federal Price Gouging Prevention Act - Makes it unlawful for any person to sell crude oil, gasoline, natural gas, or petroleum distillates at a price that: (1) is unconscionably excessive; or (2) indicates the seller is taking unfair advantage unusual market conditions or the circumstances of an emergency to increase prices unreasonably.

Declares unlawful: (1) intentional reporting of false price information concerning wholesale prices of such products; and (2) market manipulation regarding the purchase or sale at wholesale of such products.

Empowers the Federal Trade Commission (FTC) and State Attorneys General to enforce this Act.

Sets forth civil and criminal penalties for violations of this Act.

Requires fines and penalties collected under this Act to be deposited in a separate fund in the treasury to be known as the Consumer Relief Trust Fund to provide assistance under the Low Income Home Energy Assistance Program (LIHEAP) administered by the Secretary of Health and Human Services.

Declares that nothing in this Act preempts state law.

Directs the FTC to facilitate price transparency in wholesale markets for the sale of crude oil and essential petroleum products.

Status of the Legislation

Latest Major Action: 5/24/2007: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Commerce, Science, and Transportation.

Points in Favor

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Points Against

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Revision by webmaster (June 18, 2007, 01:00:00)

Mon, 18 Jun 2007 00:00:00 EDT

H.R. 1252 would protect consumers from price-gouging of gasoline and other fuels.

Detailed Summary

Federal Price Gouging Prevention Act - (Sec. 2) Makes it unlawful during a period proclaimed by the President as an energy emergency to sell gasoline or any other petroleum distillate at a price that: (1) is unconscionably excessive; or (2) indicates the seller is taking unfair advantage of the circumstances of an emergency to increase prices unreasonably.

Authorizes the President to issue an energy emergency proclamation and to cite the geographic area covered, the gasoline or other petroleum distillate covered, and the time period that it shall be in effect.

Limits such proclamation to a period of up to 30 consecutive days, but authorizes renewals of up to 30 days.

Authorizes a proclamation to include a period of up to one week preceding a reasonably foreseeable emergency.

Sets forth factors to be considered in determining whether a violation of this Act has occurred.

Declares unlawful any false or misleading reporting to a federal agency of price information with actual knowledge, or knowledge fairly implied on the basis of objective circumstances, that such information is false or misleading.

Exempts from this Act a sale of gasoline or other petroleum distillate transaction on a futures market.

(Sec. 3) Empowers the Federal Trade Commission (FTC) and State Attorneys General to enforce this Act.

Subjects any person who violates this Act to specified civil and criminal penalties.

States that the criminal penalty may be imposed only pursuant to a criminal action brought by the Attorney General or other officer of the Department of Justice.

(Sec. 5) Provides that a state, as parens patriae, may bring a civil action in federal district court to enforce the unconscionable pricing prohibition of this Act, or to impose the civil penalties authorized by this Act, whenever the state's attorney general has reason to believe that the interests of state residents have been or are being threatened or adversely affected by a violation of this Act, or a regulation under it, which involves a retail sale.

(Sec. 6) Requires fines and penalties collected under this Act to be deposited in a separate Consumer Relief Trust Fund fund in the Treasury to provide assistance under the Low Income Home Energy Assistance (LIHEAP) Program administered by the Secretary of Health and Human Services.

(Sec. 7) Declares that nothing in this Act preempts state law.

Status of the Legislation

Latest Major Action: 5/24/2007: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Commerce, Science, and Transportation.

Points in Favor

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Points Against

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Status as of May 24, 2007

Thu, 24 May 2007 00:00:00 EDT

5/24/2007: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Commerce, Science, and Transportation.