Summary

Fuel Price Fairness Act of 2005, H.R. 4029

This bill:

• Allows the Federal Trade Commission and the Secretary of Energy to declare a national or regional energy price emergency if the FTC finds that the health, safety, welfare, or economic well-being of citizens is at risk because of a shortage of crude oil, gasoline, diesel fuel, or home heating oil. The emergency declaration will expire after 30 days.
• Requires oil companies and refineries to disclose their prices for crude oil, gasoline, diesel, and home heating oil for each week during a declared energy emergency.
• Makes illegal the practice of selling gasoline, diesel fuel, or home heating oil at unreasonable prices during an energy emergency.
• Mandates tough criminal penalties for oil company executives found to have engaged in price gouging or collusion ? up to $2 million or two years in prison.  

Although the Department of Energy has received more than 7,000 complaints of price gouging, the agency has refused to act on them, heightening the need for new legislation.