H.R. 7550 — Introduced in House

I 117th CONGRESS 2d Session H. R. 7550 IN THE HOUSE OF REPRESENTATIVES April 21, 2022Mrs. Demings (for herself, Mr. Nadler, Mr. Cicilline, and Ms. Castor of Florida) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To direct the Federal Trade Commission to conduct an investigation and submit to Congress a report on gasoline prices, and for other purposes. 1. Short title This Act may be cited as the Oil and Gas Industry Antitrust Act. 2. FTC investigation and report on gasoline prices (a) Investigation (1) In general The Federal Trade Commission shall conduct an investigation to determine if the price of gasoline is being manipulated by reducing refinery capacity or by any other form of market manipulation or artificially increased by price gouging practices. (2) Consideration In conducting the investigation under paragraph (1), the Federal Trade Commission may consider the impact of mergers and acquisitions in the oil and gas industry, including mergers and acquisitions involving producers, refiners, transporters, and gas stations. (b) Report Not later than 270 days after the date of the enactment of this Act, the Federal Trade Commission shall submit to Congress a report on the investigation conducted under subsection (a), including a long-term strategy for the Commission and Congress to address manipulation of oil and gas markets during times of national or international crisis or emergency. (c) Exemption from Paperwork Reduction Act Chapter 35 of title 44, United States Code, shall not apply to the collection of information under subsection (a). (d) Authorization of appropriations There is authorized to be appropriated to the Federal Trade Commission to carry out this section $1,000,000 for fiscal year 2023.