H.R. 2460 would protect the welfare of consumers by prohibiting price gouging by merchants with respect to gasoline and other fuels during certain abnormal market disruptions.
Detailed Summary
Federal Energy Price Protection Act - Prohibits a supplier from increasing the price for crude oil, gasoline, or petroleum distillates by an unconscionable amount in an area during the period covered by a Presidential proclamation that an abnormal market disruption has occurred.
States that such prohibition does not apply to the extent that the price increase is substantially attributable to: (1) an increase in the wholesale cost of crude oil, gasoline, or petroleum distillates to a supplier; (2) an increase in the replacement costs for crude oil, gasoline, or petroleum distillate sold; (3) an increase in operational costs; or (4) local, regional, national, or international market conditions.
States that a violation of this Act shall: (1) be treated as a violation of a rule defining an unfair or deceptive act or practice of the Federal Trade Commission Act; and (2) be subject to civil and criminal penalties.
States that fines and penalties collected under this Act shall be deposited in the Consumer Relief Trust Fund to provide assistance under the Low Income Home Energy Assistance (LIHEAP) Program administered by the Secretary of Health and Human Services.
Status of the Legislation
Latest Major Action: 7/24/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Healthy Families and Communities.
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