text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Federal Energy Price Protection 
  Act''.
  
  SEC. 2. PROTECTION OF CONSUMERS AGAINST PRICE GOUGING.
  
      It shall be unlawful for any supplier to increase the price at 
  which that supplier sells, or offers to sell, crude oil, gasoline, or 
  petroleum distillates in an area covered by a Presidential proclamation 
  issued under section 4(a)(1) by an unconscionable amount during the 
  period beginning on the date the proclamation is issued and ending on 
  the date specified in the proclamation.
  
  SEC. 3. JUSTIFIABLE PRICE INCREASES.
  
      (a) In General.--The prohibition in section 2 does not apply to the 
  extent that the increase in the price of the crude oil, gasoline, or 
  petroleum distillate is substantially attributable to--
              (1) an increase in the wholesale cost of crude oil, 
          gasoline, or petroleum distillates to a supplier;
              (2) an increase in the replacement costs for crude oil, 
          gasoline, or petroleum distillate sold;
              (3) an increase in operational costs; or
              (4) local, regional, national, or international market 
          conditions.
      (b) Other Mitigating Factors.--In determining whether a violation 
  of section 2 has occurred, there also shall be taken into account, 
  among other factors, the price that would reasonably equate supply and 
  demand in a competitive and freely functioning market and whether the 
  price at which the crude oil, gasoline, or petroleum distillate was 
  sold reasonably reflects other additional costs or risks, not within 
  the control of the seller, that were paid or incurred by the seller.
  
  SEC. 4. EMERGENCY PROCLAMATIONS AND ORDERS.
  
      (a) Presidential Emergency Proclamations.--The President may issue 
  an emergency proclamation when an abnormal market disruption has 
  occurred or is reasonably expected to occur.
      (b) Scope and Duration.--
              (1) In general.--The emergency proclamation or order shall 
          specify with particularity--
                      (A) the period for which the proclamation or order 
                  applies;
                      (B) the event, circumstance, or condition that is 
                  the reason such a proclamation or order is determined 
                  to be necessary; and
                      (C) the geographic area or region to which it 
                  applies.
              (2) Limitations.--An emergency proclamation or an order 
          under subsection (a)--
                      (A) may not apply for a period of more than 30 
                  consecutive days (renewable for a consecutive period of 
                  not more than 30 days); and
                      (B) may apply to a period of not more than 7 days 
                  preceding the occurrence of an event, circumstance, or 
                  condition that is the reason such a proclamation or 
                  order is necessary.
  
  SEC. 5. ENFORCEMENT BY FEDERAL TRADE COMMISSION.
  
      (a) Unfair or Deceptive Act or Practice.--Section 2 of this Act 
  shall be treated as a violation of a rule defining an unfair or 
  deceptive act or practice prescribed under section 18(a)(1)(B) of the 
  Federal Trade Commission Act (15 U.S.C. 57a(a)(1)(B)).
      (b) Actions by the Commission.--The Commission shall prevent any 
  supplier from violating this Act in the same manner, by the same means, 
  and with the same jurisdiction, powers, and duties as though all 
  applicable terms and provisions of the Federal Trade Commission Act (15 
  U.S.C. 41 et seq.) were incorporated into and made a part of this Act. 
  Any entity that violates any provision of this Act is subject to the 
  penalties and entitled to the privileges and immunities provided in the 
  Federal Trade Commission Act in the same manner, by the same means, and 
  with the same jurisdiction, power, and duties as though all applicable 
  terms and provisions of the Federal Trade Commission Act were 
  incorporated into and made a part of this Act.
      (c) Regulations.--Not later than 180 days after the date of 
  enactment of this Act, the Federal Trade Commission shall prescribe 
  such regulations as may be necessary or appropriate to implement this 
  Act.
  
  SEC. 6. PENALTIES.
  
      (a) Civil Penalty.--
              (1) In general.--In addition to any penalty applicable 
          under the Federal Trade Commission Act any supplier who 
          violates this Act is punishable by a civil penalty of--
                      (A) not more than $500,000, in the case of an 
                  independent small business marketer of gasoline (within 
                  the meaning of section 324(c) of the Clean Air Act (42 
                  U.S.C. 7625(c)); and
                      (B) not more than $5,000,000 in the case of any 
                  other supplier.
              (2) Method of assessment.--The penalty provided by 
          paragraph (1) shall be assessed in the same manner as civil 
          penalties imposed under section 5 of the Federal Trade 
          Commission Act (15 U.S.C. 45).
              (3) Multiple offenses; mitigating factors.--In assessing 
          the penalty provided by subsection (a)--
                      (A) the Commission shall take into consideration 
                  the seriousness of the violation and the efforts of the 
                  supplier committing the violation to remedy the harm 
                  caused by the violation in a timely manner; and
                      (B) each determination that the price at which 
                  crude oil, gasoline, or other petroleum distillate has 
                  been sold or offered for sale in an area and during a 
                  period covered by a proclamation or order issued under 
                  section 4 was increased by an unconscionable amount 
                  shall be treated as a single violation.
      (b) Criminal Penalty.--
              (1) In general.--In addition to any penalty applicable 
          under the Federal Trade Commission Act, the violation of this 
          Act is punishable by a fine of not more than $1,000,000, 
          imprisonment for not more than 2 years, or both.
              (2) Enforcement.--The criminal penalty provided by 
          paragraph (1) may be imposed only pursuant to a criminal action 
          brought by the Attorney General or other officer of the 
          Department of Justice.
  
  SEC. 7. LOW INCOME ENERGY ASSISTANCE.
  
      Amounts collected in fines and penalties under section 6 of this 
  Act shall be deposited in a separate fund in the treasury to be known 
  as the Consumer Relief Trust Fund. To the extent provided for in 
  advance in appropriations Acts fund shall be used to provide assistance 
  under the Low Income Home Energy Assistance Program administered by the 
  Secretary of Health and Human Services.
  
  SEC. 8. DEFINITIONS.
  
      In this Act:
              (1) Abnormal market disruption.--The term ``abnormal market 
          disruption'' means there is a reasonable likelihood that, in 
          the absence of a proclamation under section 4(a), there will be 
          an increase in the average price of crude oil, gasoline, or 
          petroleum distillates as a result of a change in the market, 
          whether actual or imminently threatened, resulting from extreme 
          weather, a natural disaster, strike, civil disorder, war, 
          military action, a national or local emergency, or other 
          similar cause, that adversely affects the availability or 
          delivery of crude oil, gasoline, or petroleum distillates.
              (2) Supplier.--The term ``supplier'' means any person 
          engaged in the trade or business of selling, reselling, at 
          retail or wholesale, or distributing crude oil, gasoline, or 
          petroleum distillates.
              (3) Replacement costs.--The term ``replacement costs'' 
          means, with respect to a supplier to whom sections 2 and 3 
          apply, costs to that supplier determined by referencing 
          either--
                      (A) the actual or reasonably anticipated 
                  replacement cost as evidenced by bills of sale, 
                  invoices, or other appropriate documentation; or
                      (B) the cost for crude oil, gasoline, or other 
                  petroleum distillates in the relevant market at the 
                  time of the sale or offer for sale that is the subject 
                  of a violation of section 2, plus actual storage, 
                  transportation, and delivery costs.
              (4) Unconscionable amount.--The term ``unconscionable 
          amount'' means, with respect to any supplier to whom section 2 
          applies, a significant increase in the price at which crude 
          oil, gasoline, or petroleum distillates are sold or offered for 
          sale by that supplier that increases the price, for the same 
          grade of crude oil, gasoline, or petroleum distillate, to an 
          amount that--
                      (A) substantially exceeds the average price at 
                  which crude oil, gasoline, or petroleum distillates 
                  were sold or offered for sale by that supplier during 
                  the 30-day period immediately preceding the sale or 
                  offer;
                      (B) substantially exceeds the average price at 
                  which crude oil, gasoline, or petroleum distillates 
                  were sold or offered for sale by that person's 
                  competitors in the area and during the period for which 
                  the emergency proclamation applies; and
                      (C) cannot be justified by taking into account the 
                  factors described in section 3.
  
  SEC. 9. EFFECTIVE DATE.
  
      This Act shall take effect on the date on which a final rule issued 
  by the Federal Trade Commission under section 5(c) is published in the 
  Federal Register.
target: Federal Energy Price Protection Act - Prohibits a supplier from increasing the price for crude oil, gasoline, or petroleum distillates by an unconscionable amount in an area during the period covered by a Presidential proclamation that an abnormal market disruption has occurred.
  
   States that such prohibition does not apply to the extent that the price increase is substantially attributable to: (1) an increase in the wholesale cost of crude oil, gasoline, or petroleum distillates to a supplier; (2) an increase in the replacement costs for crude oil, gasoline, or petroleum distillate sold; (3) an increase in operational costs; or (4) local, regional, national, or international market conditions.
  
  States that a violation of this Act shall: (1) be treated as a violation of a rule defining an unfair or deceptive act or practice of the Federal Trade Commission Act; and (2) be subject to civil and criminal penalties.
  
  States that fines and penalties collected under this Act shall be deposited in the Consumer Relief Trust Fund to provide assistance under the Low Income Home Energy Assistance (LIHEAP) Program administered by the Secretary of Health and Human Services.
feat_title: To protect the welfare of consumers by prohibiting price gouging by merchants with respect to gasoline and other fuels during certain abnormal market disruptions.