Energy Markets Act of 2015
1/11/2023, 1:31 PMCongressional Summary of S 1420
Energy Markets Act of 2015
This bill amends the Department of Energy Organization Act to direct the Energy Information Administration (EIA) of the Department of Energy to develop and implement a plan to collect, in cooperation with the Commodity Futures Trade Commission, information identifying all oil inventories and other physical oil assets owned by the 50 largest traders of oil contracts (including derivative contracts).
The EIA shall also collect, and update annually, information quantifying the commercial storage capacity for oil and natural gas in the United States.
A Financial Market Analysis Office is established in the EIA to analyze the financial aspects of energy markets.
A Working Group on Energy Markets is also established to:
- investigate the effect of increased financial investment in energy commodities on energy prices and the energy security of the United States,
- recommend to the President and Congress laws to prevent excessive speculation in energy commodity markets in order to prevent or minimize the adverse impact of excessive speculation on energy prices, and
- review energy security implications of developments in international energy markets.
The Working Group shall also: (1) identify the factors that affect crude oil and refined petroleum products prices; and (2) review and assess existing statutory authorities for the regulation of markets critical to U.S. energy security, as well as the need for additional authority to regulate markets critical to it.
