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:
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.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1420 Introduced in Senate (IS)]
114th CONGRESS
1st Session
S. 1420
To amend the Department of Energy Organization Act to provide for the
collection of information on critical energy supplies, to establish a
Working Group on Energy Markets, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 21, 2015
Ms. Cantwell introduced the following bill; which was read twice and
referred to the Committee on Energy and Natural Resources
_______________________________________________________________________
A BILL
To amend the Department of Energy Organization Act to provide for the
collection of information on critical energy supplies, to establish a
Working Group on Energy Markets, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Energy Markets Act of 2015''.
SEC. 2. ENHANCED INFORMATION ON CRITICAL ENERGY SUPPLIES.
(a) In General.--Section 205 of the Department of Energy
Organization Act (42 U.S.C. 7135) is amended by adding at the end the
following:
``(n) Collection of Information on Critical Energy Supplies.--
``(1) In general.--To ensure transparency of information
relating to energy infrastructure and product ownership in the
United States and improve the ability to evaluate the energy
security of the United States, the Administrator, in
consultation with other Federal agencies (as necessary),
shall--
``(A) not later than 120 days after the date of
enactment of this subsection, develop and provide
notice of a plan to collect, in cooperation with the
Commodity Futures Trade Commission, information
identifying all oil inventories, and other physical oil
assets (including all petroleum-based products and the
storage of such products in off-shore tankers), that
are owned by the 50 largest traders of oil contracts
(including derivative contracts), as determined by the
Commodity Futures Trade Commission; and
``(B) not later than 90 days after the date on
which notice is provided under subparagraph (A),
implement the plan described in that subparagraph.
``(2) Information.--The plan required under paragraph (1)
shall include a description of the plan of the Administrator
for collecting company-specific data, including--
``(A) volumes of product under ownership; and
``(B) storage and transportation capacity
(including owned and leased capacity).
``(3) Protection of proprietary information.--Section 12(f)
of the Federal Energy Administration Act of 1974 (15 U.S.C.
771(f)) shall apply to information collected under this
subsection.
``(o) Collection of Information on Storage Capacity for Oil and
Natural Gas.--
``(1) In general.--Not later than 90 days after the date of
enactment of this subsection, the Administrator of the Energy
Information Administration shall collect information
quantifying the commercial storage capacity for oil and natural
gas in the United States.
``(2) Updates.--The Administrator shall update annually the
information required under paragraph (1).
``(3) Protection of proprietary information.--Section 12(f)
of the Federal Energy Administration Act of 1974 (15 U.S.C.
771(f)) shall apply to information collected under this
subsection.
``(p) Financial Market Analysis Office.--
``(1) Establishment.--There shall be within the Energy
Information Administration a Financial Market Analysis Office,
headed by a director, who shall report directly to the
Administrator of the Energy Information Administration.
``(2) Duties.--The Office shall--
``(A) be responsible for analysis of the financial
aspects of energy markets;
``(B) review the reports required by section 4(c)
of the Energy Markets Act of 2015 in advance of the
submission of the reports to Congress; and
``(C) not later than 1 year after the date of
enactment of this subsection--
``(i) make recommendations to the
Administrator of the Energy Information
Administration that identify and quantify any
additional resources that are required to
improve the ability of the Energy Information
Administration to more fully integrate
financial market information into the analyses
and forecasts of the Energy Information
Administration, including the role of energy
futures contracts, energy commodity swaps, and
derivatives in price formation for oil;
``(ii) conduct a review of implications of
policy changes (including changes in export or
import policies) and changes in how crude oil
and refined petroleum products are transported
with respect to price formation of crude oil
and refined petroleum products; and
``(iii) notify the Committee on Energy and
Natural Resources, and the Committee on
Appropriations, of the Senate and the Committee
on Energy and Commerce, and the Committee on
Appropriations, of the House of Representatives
of the recommendations described in clause (i).
``(3) Analyses.--The Administrator of the Energy
Information Administration shall take analyses by the Office
into account in conducting analyses and forecasting of energy
prices.''.
(b) Conforming Amendment.--Section 645 of the Department of Energy
Organization Act (42 U.S.C. 7255) is amended by inserting ``(15 U.S.C.
3301 et seq.) and the Natural Gas Act (15 U.S.C. 717 et seq.)'' after
``Natural Gas Policy Act of 1978''.
SEC. 3. WORKING GROUP ON ENERGY MARKETS.
(a) Establishment.--There is established a Working Group on Energy
Markets (referred to in this Act as the ``Working Group'').
(b) Composition.--The Working Group shall be composed of--
(1) the Secretary of Energy (referred to in this Act as the
``Secretary'');
(2) the Secretary of the Treasury;
(3) the Chairman of the Federal Energy Regulatory
Commission;
(4) the Chairman of Federal Trade Commission;
(5) the Chairman of the Securities and Exchange Commission;
(6) the Chairman of the Commodity Futures Trading
Commission; and
(7) the Administrator of the Energy Information
Administration.
(c) Chairperson.--The Secretary shall serve as the Chairperson of
the Working Group.
(d) Compensation.--A member of the Working Group shall serve
without additional compensation for the work of the member of the
Working Group.
(e) Purpose and Function.--The Working Group shall--
(1) investigate the effect of increased financial
investment in energy commodities on energy prices and the
energy security of the United States;
(2) recommend to the President and Congress laws (including
regulations) that may be needed to prevent excessive
speculation in energy commodity markets in order to prevent or
minimize the adverse impact of excessive speculation on energy
prices on consumers and the economy of the United States; and
(3) review energy security implications of developments in
international energy markets.
(f) Administration.--The Secretary shall provide the Working Group
with such administrative and support services as may be necessary for
the performance of the functions of the Working Group.
(g) Cooperation of Other Agencies.--The heads of Executive
departments, agencies, and independent instrumentalities shall, to the
extent permitted by law, provide the Working Group with such
information as the Working Group requires to carry out this section.
(h) Consultation.--The Working Group shall consult, as appropriate,
with representatives of the various exchanges, clearinghouses, self-
regulatory bodies, other major market participants, consumers, and the
general public.
SEC. 4. STUDY OF REGULATORY FRAMEWORK FOR ENERGY MARKETS.
(a) Study.--The Working Group shall conduct a study--
(1) to identify the factors that affect the pricing of
crude oil and refined petroleum products, including an
examination of the effects of market speculation on prices; and
(2) to review and assess--
(A) existing statutory authorities relating to the
oversight and regulation of markets critical to the
energy security of the United States; and
(B) the need for additional statutory authority for
the Federal Government to effectively oversee and
regulate markets critical to the energy security of the
United States.
(b) Elements of Study.--The study shall include--
(1) an examination of price formation of crude oil and
refined petroleum products;
(2) an examination of relevant international regulatory
regimes; and
(3) an examination of the degree to which changes in energy
market transparency, liquidity, and structure have influenced
or driven abuse, manipulation, excessive speculation, or
inefficient price formation.
(c) Report and Recommendations.--The Secretary shall submit to the
Committee on Energy and Natural Resources of the Senate and the
Committee on Energy and Commerce of the House of Representatives
quarterly progress reports during the conduct of the study under this
section, and a final report not later than 1 year after the date of
enactment of this Act, that--
(1) describes the results of the study; and
(2) provides options and the recommendations of the Working
Group for appropriate Federal coordination of oversight and
regulatory actions to ensure transparency of crude oil and
refined petroleum product pricing and the elimination of
excessive speculation, including recommendations on data
collection and analysis to be carried out by the Financial
Market Analysis Office established by section 205(p) of the
Department of Energy Organization Act (42 U.S.C. 7135(p)).
(d) Authorization of Appropriations.--There are authorized to be
appropriated such sums as are necessary to carry out this section.
<all>
Introduced in Senate
Introduced in Senate
Read twice and referred to the Committee on Energy and Natural Resources.
Committee on Energy and Natural Resources. Hearings held. Hearings printed: S.Hrg. 114-344.
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