Bill Overview
Title: Fair and Transparent Gas Prices Act of 2022
Description: This bill requires the Federal Trade Commission to investigate anticompetitive, collusive, or other conduct related to oil and gas companies and markets.
Sponsors: Sen. Cortez Masto, Catherine [D-NV]
Target Audience
Population: People who are impacted by oil and gasoline prices
Estimated Size: 332000000
- The bill affects the pricing dynamics of the oil and gas markets, which directly affects the cost of gasoline.
- Almost everyone across the globe is impacted by changes in gasoline prices either directly or through related economic effects.
- Individuals who own vehicles and rely on gasoline for transportation are directly affected by changes in gas prices.
- Changes in gasoline prices can also affect the cost of goods and services due to transportation costs, impacting individuals indirectly.
- The global population involved in the petroleum industry and markets, including employees, investors, and stakeholders, is also affected.
Reasoning
- The policy is designed to monitor and potentially regulate gas prices through federal oversight, specifically targeting anti-competitive practices. As such, the direct impact would primarily be seen in consumers and producers within the oil and gas industries.
- The simulation accounts for individuals from diverse backgrounds to capture various perspectives and potential direct or indirect impacts of the policy.
- Considering the limited budget, the policy's effect is expected to vary depending on the extent of price gouging beforehand; thus, individuals experiencing high gas prices due to unfair practices will see more significant benefits.
- While everyone potentially experiences indirect impacts, people with occupations reliant on transportation or residing in high-commute areas may feel more direct effects on their well-being.
Simulated Interviews
Petroleum Engineer (Houston, TX)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- I believe this policy is necessary to keep the market fair.
- My employment might see changes depending on how the policy affects company profitability.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 5 |
Delivery Driver (New York, NY)
Age: 34 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Gas prices are a major part of my expenses.
- I hope for more stable pricing.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 6 | 4 |
Retired School Teacher (Los Angeles, CA)
Age: 60 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 20.0 years
Commonness: 5/20
Statement of Opinion:
- My fixed income makes it hard to manage sudden price hikes in essentials like gas.
- Stabilizing gas prices helps me maintain my budget better.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Student (Chicago, IL)
Age: 23 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- I'm not directly impacted by gas prices unless taking long trips.
- Keeping prices in check can indirectly keep other expenses down.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Software Developer (Seattle, WA)
Age: 29 | Gender: male
Wellbeing Before Policy: 9
Duration of Impact: 0.0 years
Commonness: 2/20
Statement of Opinion:
- The policy seems good but may not directly impact me as much.
- I think it is more beneficial for oil price stabilization as a larger economic factor.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 9 |
| Year 3 | 9 | 9 |
| Year 5 | 9 | 9 |
| Year 10 | 9 | 9 |
| Year 20 | 8 | 8 |
Independent Business Owner (Tulsa, OK)
Age: 41 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Stable gas prices would help maintain more predictable business expenditures.
- I am hopeful the policy will bring about some price moderation.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Gas Station Owner (Phoenix, AZ)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 2/20
Statement of Opinion:
- Policy might interfere with my pricing strategies.
- However, it could bring more customers if prices lower across the board.
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 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 5 |
Public School Teacher (Raleigh, NC)
Age: 38 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 4/20
Statement of Opinion:
- A transparent pricing policy could ease my commute costs.
- I hope this leads to fairer prices overall.
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 | 8 | 5 |
| Year 20 | 7 | 4 |
Retired Civil Engineer (Miami, FL)
Age: 57 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- I welcome measures against price inflation, especially for affecting broader travel plans.
- This policy might make domestic travel more feasible.
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 | 8 | 6 |
| Year 10 | 8 | 5 |
| Year 20 | 7 | 5 |
Rideshare Driver (Denver, CO)
Age: 27 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 5.0 years
Commonness: 3/20
Statement of Opinion:
- Policy could help stabilize my operational costs.
- I am optimistic about the potential outcomes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 4 |
| Year 2 | 6 | 4 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 4 |
Cost Estimates
Year 1: $25000000 (Low: $20000000, High: $30000000)
Year 2: $25000000 (Low: $20000000, High: $30000000)
Year 3: $25000000 (Low: $20000000, High: $30000000)
Year 5: $25000000 (Low: $20000000, High: $30000000)
Year 10: $0 (Low: $0, High: $0)
Year 100: $0 (Low: $0, High: $0)
Key Considerations
- The investigative powers and discretion of the FTC will significantly influence outcomes and associated costs.
- Potential legal challenges and compliance issues from oil and gas companies might affect the timeline and costs.
- Market reactions to ongoing investigations could indirectly affect public perception and corporate strategy within the industry.