Bill Overview
Title: Transportation Fuel Market Transparency Act
Description: 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 wholesale fuel markets; (2) is not required to be reported by law; or (3) affects the analyses or data compiled by a private sector price-reporting agency. The bill also increases the maximum civil penalty for violating these prohibitions from $1 million to $2 million for each day of the violation. 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.
Sponsors: Rep. Levin, Mike [D-CA-49]
Target Audience
Population: People dependent on transportation fuel
Estimated Size: 330000000
- The bill aims to ensure competitive and transparent fuel markets by monitoring and enforcing prohibitions against manipulation.
- It involves crude oil and various transportation fuels including gasoline, distillate fuels, jet fuel, and biofuel, which are commonly used globally.
- Manipulation in fuel markets can have financial and economic impacts that affect consumers, industries, and businesses relying on transportation fuel.
- By expanding and enforcing such prohibitions, global fuel prices could stabilize, potentially impacting all individuals who rely on transportation fuel.
- Consumer protection and the promotion of fair market prices benefit the general population, especially in regions heavily dependent on fuel.
Reasoning
- The policy aims to monitor and enforce transparency in fuel markets, potentially stabilizing prices and protecting consumer interests.
- Given the policy's focus, its impact will be most notable on those heavily reliant on fuel, such as logistics industries and regions where personal transportation is crucial.
- A broad demographic will experience indirect benefits, reflecting potential improvements in pricing fairness and fuel availability.
- The policy has provisions that signal stronger enforcement and oversight which can deter market manipulation, indirectly affecting the broader economy.
- Our sample should include a variety of socio-economic backgrounds, occupations, and regions to capture different impacts.
Simulated Interviews
Oil and Gas Industry Analyst (Houston, TX)
Age: 45 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- The additional oversight could stabilize the market, which would be beneficial for long-term planning in the industry.
- It's important the regulations don't stifle healthy competition or innovation in the sector.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Ridesharing Driver (Los Angeles, CA)
Age: 33 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 15/20
Statement of Opinion:
- Transparency can potentially lower gasoline costs, directly impacting my earnings.
- However, I'm skeptical how quickly these changes might affect local gas prices.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 4 |
| Year 10 | 8 | 3 |
| Year 20 | 6 | 3 |
Retired (Columbus, OH)
Age: 60 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 20.0 years
Commonness: 10/20
Statement of Opinion:
- I've seen fuel prices fluctuate wildly; any stability would ease financial pressure.
- It's critical that regulatory bodies like the FTC have sufficient resources to enforce.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 3 |
| Year 5 | 7 | 3 |
| Year 10 | 7 | 2 |
| Year 20 | 6 | 2 |
Public Transportation Planner (New York, NY)
Age: 29 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 11/20
Statement of Opinion:
- Market stability could redirect focus to sustainable fuels and technologies.
- Urban areas might benefit less directly, but it contributes to overall economic stability.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Agricultural Equipment Supplier (Des Moines, IA)
Age: 38 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 9/20
Statement of Opinion:
- Fuel pricing directly affects our operation costs; transparency would allow for better budget planning.
- Hopeful that expanded monitoring reduces sudden pricing spikes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 4 |
| Year 20 | 7 | 3 |
Small Restaurant Owner (Seattle, WA)
Age: 52 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 13/20
Statement of Opinion:
- Any regulation that helps stabilize fuel prices is crucial for my business viability.
- Concerned about compliance costs being passed down to small businesses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 7 | 3 |
| Year 20 | 6 | 2 |
Emissions Tester (Orlando, FL)
Age: 27 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- A transparent market could incentivize cleaner fuel solutions.
- Indirect benefits might emerge in emissions control due to stabilized markets.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 6 | 4 |
| Year 20 | 5 | 3 |
Logistics Manager (Denver, CO)
Age: 42 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- Fuel cost fluctuations are a constant challenge. More transparency is always better.
- Policies need to minimize bureaucratic overhead.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 7 | 4 |
| Year 3 | 8 | 4 |
| Year 5 | 8 | 3 |
| Year 10 | 7 | 3 |
| Year 20 | 6 | 2 |
Freelance Graphic Designer (Phoenix, AZ)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 15/20
Statement of Opinion:
- I see indirect benefits as fair fuel pricing might translate into lower goods costs.
- I am curious about the long-term impacts on the industries I work with.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Long-haul Truck Driver (Atlanta, GA)
Age: 50 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 8/20
Statement of Opinion:
- Cheaper fuel means more net income for us drivers, plain and simple.
- I worry about how long enforcement and changes might take to trickle down.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 4 |
| Year 5 | 8 | 3 |
| Year 10 | 8 | 3 |
| Year 20 | 7 | 2 |
Cost Estimates
Year 1: $150000000 (Low: $120000000, High: $200000000)
Year 2: $150000000 (Low: $120000000, High: $200000000)
Year 3: $150000000 (Low: $120000000, High: $200000000)
Year 5: $150000000 (Low: $120000000, High: $200000000)
Year 10: $150000000 (Low: $120000000, High: $200000000)
Year 100: $150000000 (Low: $120000000, High: $200000000)
Key Considerations
- The effectiveness of the Transportation Fuel Monitoring and Enforcement Unit depends on its funding and staffing levels.
- Public perception and industry reactions may influence how quickly benefits from increased transparency materialize.
- Coordination between the FTC and the Energy Information Administration will be critical in achieving the bill's objectives.