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Transportation Fuel Market Transparency Act
6/18/2024, 8:22 PM
Summary of Bill S 259
Under this bill, fuel suppliers would be required to report detailed information about the prices they charge for transportation fuels, as well as any factors that may influence those prices. This information would then be compiled and made available to the public in order to promote competition and ensure that consumers are able to make informed choices when purchasing fuel.
Additionally, the Transportation Fuel Market Transparency Act would establish a task force to monitor and analyze trends in the transportation fuel market, with the goal of identifying any potential issues or areas where further regulation may be necessary. This task force would be responsible for issuing regular reports to Congress and the public, in order to keep all stakeholders informed about the state of the transportation fuel market. Overall, the Transportation Fuel Market Transparency Act aims to promote transparency and competition in the transportation fuel market, in order to ensure that consumers are able to make informed choices and that the market operates in a fair and efficient manner.
Congressional Summary of S 259
Transportation Fuel Market Transparency Act
This bill expands prohibitions against manipulating fuel markets, establishes a body within the Federal Trade Commission (FTC) to monitor fuel markets to ensure competitiveness, and addresses related issues.
Prohibitions against the manipulation of wholesale fuel markets or reporting false (or misleading) information shall apply to actions related to crude oil and transportation fuel (defined in this bill to include gasoline, distillate fuels, jet fuel, aviation gasoline, and biofuel). Currently, such prohibitions only apply to crude oil, gasoline, and petroleum distillates.
The bill further expands the prohibition on reporting false information to include such information that (1) concerns the supply of, operational actions related to, or output related to crude oil or transportation fuel; or (2) is not required to be reported by law.
Furthermore, the bill establishes within the FTC the Transportation Fuel Monitoring and Enforcement Unit. The unit must continuously and comprehensively collect and analyze fuel market data to support competitive market practices, identify market manipulation and other unfair methods of competition, and facilitate enforcement of competition-related statutes.
The Energy Information Administration within the Department of Energy must collect data to facilitate transparent and competitive transportation fuel markets, determine adherence to sanctions, and protect consumers.
