Oil and Gas Industry Antitrust Act

12/29/2022, 11:18 PM

Summary of Bill HR 7550

Bill 117 HR 7550, also known as the Oil and Gas Industry Antitrust Act, is a piece of legislation introduced in the US Congress aimed at addressing antitrust issues within the oil and gas industry. The bill seeks to promote fair competition and prevent monopolistic practices within the industry.

The main provisions of the bill include measures to increase transparency and accountability in the oil and gas industry, as well as to strengthen antitrust enforcement mechanisms. This includes requiring companies in the industry to disclose information about their pricing practices, market share, and potential conflicts of interest.

Additionally, the bill aims to prevent anti-competitive behavior such as price-fixing, bid-rigging, and market manipulation. It also seeks to enhance the ability of regulatory agencies to investigate and prosecute violations of antitrust laws within the industry. Overall, the Oil and Gas Industry Antitrust Act is designed to promote a more competitive and fair marketplace for oil and gas products, ultimately benefiting consumers and ensuring a level playing field for all companies operating within the industry.

Congressional Summary of HR 7550

Oil and Gas Industry Antitrust Act

This bill requires the Federal Trade Commission to investigate and report on whether the price of gasoline is being manipulated by reducing refinery capacity or by any other form of market manipulation. The report must include 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.

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Current Status of Bill HR 7550

Bill HR 7550 is currently in the status of Bill Introduced since April 21, 2022. Bill HR 7550 was introduced during Congress 117 and was introduced to the House on April 21, 2022.  Bill HR 7550's most recent activity was Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law. as of November 1, 2022

Bipartisan Support of Bill HR 7550

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
26
Democrat Cosponsors
26
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7550

Primary Policy Focus

Commerce

Potential Impact Areas

Competition and antitrustCongressional oversightCorporate finance and managementEnergy pricesEnergy storage, supplies, demandGovernment studies and investigationsMotor fuelsOil and gas

Alternate Title(s) of Bill HR 7550

Oil and Gas Industry Antitrust ActOil and Gas Industry Antitrust ActTo direct the Federal Trade Commission to conduct an investigation and submit to Congress a report on gasoline prices, and for other purposes.
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Sponsors and Cosponsors of HR 7550

R
Val Butler Demings
Florida(Democrat)
R
Lori Trahan
Massachusetts(Democrat)
R
Darren Soto
Florida(Democrat)
R
Janice D. Schakowsky
Illinois(Democrat)
R
Katie Porter
California(Democrat)
R
Eleanor Holmes Norton
District of Columbia(Democrat)

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