S.1735 - Energy Emergency Consumer Protection Act of 2005109th Congress (2005-2006)
Summary: S.1735 — 109th Congress (2005-2006)
Introduced in Senate (09/20/2005)
Energy Emergency Consumer Protection Act of 2005 - States that during any presidentially-declared energy emergency it is unlawful to sell crude oil, gasoline, or petroleum distillates in, or for use in, the area involved at a price that: (1) is unconscionably excessive; or (2) indicates the seller is taking unfair advantage of the circumstances to increase prices unreasonably.
Makes it unlawful to: (1) report to the Federal Trade Commission (FTC) false or misleading data and information regarding the wholesale price of crude oil, gasoline, or petroleum distillates; or (2) use or employ, in connection with the purchase or sale of crude oil, gasoline, or petroleum distillates at wholesale, any manipulative or deceptive device or contrivance, in contravention of FTC-prescribed rules and regulations.
Authorizes the President to declare a federal energy emergency if the health, safety, welfare, or economic well-being of American citizens is at risk because there exists either: (1) an actual or imminent shortage of adequate supplies of crude oil, gasoline, or petroleum distillates due to a disruption in the national distribution system; or (2) significant pricing anomalies in national energy markets for such products.
Empowers the FTC and state attorneys general to enforce this Act.
Prescribes maximum civil and criminal penalties for violations of this Act.
Instructs the FTC to: (1) facilitate price transparency in wholesale crude oil and petroleum product markets; and (2) conclude a memorandum of understanding with the Commodity Futures Trading Commission and other appropriate agencies relating to information sharing.
Instructs the Comptroller General to investigate periodically the extent to which major oil companies and automobile manufacturers have invested in alternative fuels production, infrastructure, and technology development.
Directs the National Academy of Sciences to review expenditures and activities by major U.S. companies to protect the energy supply system from terrorist attacks, international supply disruptions, and natural disasters, and ensure a stable and reasonably priced supply of such products to consumers.