Bill Overview
Title: Oil and Gas Industry Antitrust Act
Description: 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.
Sponsors: Rep. Demings, Val Butler [D-FL-10]
Target Audience
Population: Consumers of oil and gas globally
Estimated Size: 350000000
- The bill targets the oil and gas industry and potential manipulations in pricing, particularly refining capacity.
- Any changes or regulations will likely impact employees and businesses within the oil and gas sectors worldwide.
- The bill aims at stabilizing and possibly reducing gasoline prices, which affects global consumers of oil and gas products.
- During national or international crises, oil and gas availability and pricing are crucial for transportation, manufacturing, and general economy operation, meaning consumers and sectors dependent on these industries will be impacted.
Reasoning
- The Oil and Gas Industry Antitrust Act is designed to identify and possibly mitigate manipulative practices in gasoline pricing, potentially benefiting consumers with more stable or reduced prices.
- Given the target US population heavily relies on gasoline, changes in gas prices due to this policy will primarily affect individuals and sectors related to transportation.
- The policy has a notable budget, suggesting a comprehensive investigation that might discourage manipulative pricing behavior.
- While large oil companies may be negatively impacted, consumers could likely see benefits, though the actual impact might vary based on how much manipulation affects current pricing.
Simulated Interviews
Oil Refinery Technician (Houston, TX)
Age: 37 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- I see the potential for my job to become more stable with less market manipulation.
- Compliance demands might increase, which could be stressful.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Independent Truck Driver (Chicago, IL)
Age: 45 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- I'm worried about rising gas prices.
- This could lower my expenses if it effectively manages prices.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 7 | 4 |
Urban Planner (New York, NY)
Age: 29 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 8/20
Statement of Opinion:
- I support anything that can curb unfair practices in crucial industries like energy.
- Lower gas prices might not affect me directly, but it's important for urban planning.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Oil Company Executive (Los Angeles, CA)
Age: 52 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- Increased scrutiny could impact company profits.
- Refining capacities are essential; hope strategies don't stifle growth.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 8 |
| Year 2 | 6 | 8 |
| Year 3 | 6 | 8 |
| Year 5 | 6 | 8 |
| Year 10 | 6 | 8 |
| Year 20 | 5 | 7 |
Graduate Student (Portland, OR)
Age: 23 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- It aligns with my values on reducing reliance on oil manipulation.
- Long-term stability in prices could indirectly support renewables.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 4 |
| Year 20 | 6 | 4 |
Tech Startup CEO (San Francisco, CA)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 2.0 years
Commonness: 6/20
Statement of Opinion:
- Stabilized prices could allow growth in tech solutions for transport.
- Policing manipulation offers new opportunities for innovation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Oil Field Worker (Midland, TX)
Age: 60 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 7.0 years
Commonness: 4/20
Statement of Opinion:
- If the act reduces market volatility, it might secure jobs.
- There's uncertainty during policy shifts.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 3 |
School Teacher (Miami, FL)
Age: 40 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- If gas prices stabilize, my commuting costs wouldn't drain my finances.
- It's encouraging to see steps toward market fairness.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 4 |
College Student (Detroit, MI)
Age: 19 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 15.0 years
Commonness: 15/20
Statement of Opinion:
- High gas prices really eat into my budget.
- Hopeful this leads to more affordable living.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 4 |
| Year 20 | 6 | 3 |
Gas Station Franchise Owner (New Orleans, LA)
Age: 55 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- Market manipulation has affected my business's profit margins.
- Fair practices will allow better planning and offers to customers.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 5 |
Cost Estimates
Year 1: $150000000 (Low: $100000000, High: $200000000)
Year 2: $125000000 (Low: $75000000, High: $175000000)
Year 3: $100000000 (Low: $50000000, High: $150000000)
Year 5: $0 (Low: $0, High: $0)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- Legal challenges from the oil and gas industry may arise, potentially increasing costs.
- International market dynamics can affect the accuracy of findings and the implementation of strategies.
- Technological advancements in data analysis may impact the efficiency of investigations.