Bill Overview
Title: Oversight to Lower Oil Prices Act
Description: This bill requires the Federal Trade Commission to investigate for evidence of market manipulation or reporting of false information in the oil, gas, petroleum, and petroleum product industries.
Sponsors: Sen. Hassan, Margaret Wood [D-NH]
Target Audience
Population: Global consumers of oil, gas, and petroleum products
Estimated Size: 334000000
- The target population includes all consumers of oil, gas, and petroleum products.
- The legislation is focused on ensuring fair pricing by preventing market manipulation, which impacts any individual who consumes these products.
- Given the global nature of the oil and gas market, this legislation potentially affects everyone around the world, though the effects will vary depending on local market activities and reliance on oil-related products.
Reasoning
- The Oversight to Lower Oil Prices Act focuses on checking potential market manipulations in the oil, gas, and petroleum industries.
- It aims to stabilize or reduce fuel prices, which affects nearly everyone in the U.S. due to their reliance on petroleum products for transportation, heating, and more.
- Given the budget limitations, significant changes in market prices or individual well-being are likely more prominent over the long-term.
- The policy can have different levels of impact depending on the person's dependence on oil-related products, location, occupation, and current economic situation.
Simulated Interviews
Public School Teacher (New York City, NY)
Age: 40 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 18/20
Statement of Opinion:
- I believe this policy could prevent price surges in fuel costs that would affect the school's budget.
- However, as I personally don't drive often, I'm less directly affected by gas prices.
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 | 7 | 4 |
| Year 10 | 7 | 4 |
| Year 20 | 8 | 5 |
Oil Industry Executive (Houston, TX)
Age: 55 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- This is yet another level of government oversight that may stifle our operations.
- However, if done right, it could lead to more predictable market conditions which I appreciate.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 8 |
| Year 2 | 7 | 8 |
| Year 3 | 7 | 8 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 6 |
| Year 20 | 9 | 6 |
Freelance Graphic Designer (Los Angeles, CA)
Age: 30 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 15/20
Statement of Opinion:
- Fluctuating gas prices affect my monthly budget as I drive a lot for work.
- This policy could potentially save me money, which would be great!
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 4 |
Retired (Grand Rapids, MI)
Age: 65 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 10/20
Statement of Opinion:
- Any bill that helps lower the cost of living, particularly for essentials like gas, makes a big difference on a fixed income.
- I hope it addresses those manipulating prices unfairly.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 4 |
| Year 10 | 8 | 4 |
| Year 20 | 9 | 4 |
Software Engineer (Seattle, WA)
Age: 25 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 14/20
Statement of Opinion:
- While I don't use gasoline much due to my lifestyle, it's good to see checks against economic manipulation.
- Could potentially help in re-allocating funds favorably in transportation investments.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 6 |
Small Business Owner (Miami, FL)
Age: 50 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- Rising fuel costs eat into my profits and can be stressful.
- Monitoring and preventing price gouging is critical for my business.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 4 |
| Year 3 | 7 | 3 |
| Year 5 | 8 | 3 |
| Year 10 | 8 | 3 |
| Year 20 | 8 | 3 |
Taxi Driver (Chicago, IL)
Age: 47 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 15.0 years
Commonness: 8/20
Statement of Opinion:
- Fuel prices directly determine my daily earnings, hence regulations to manage prices impact my livelihood significantly.
- I hope this brings fairness and stability in fuel costs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 4 |
| Year 20 | 9 | 3 |
Environmental Scientist (Denver, CO)
Age: 33 | Gender: female
Wellbeing Before Policy: 9
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- Policies like this are important to transition toward fair energy prices.
- However, I focus more on supporting renewable energies over fossil fuels.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 9 | 9 |
| Year 2 | 9 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Ride-Sharing Service Driver (Phoenix, AZ)
Age: 29 | Gender: other
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 11/20
Statement of Opinion:
- Lower fuel costs could help me save more from my daily earnings.
- It's tough when the gas prices go up unexpectedly.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 4 |
| Year 5 | 8 | 3 |
| Year 10 | 9 | 3 |
| Year 20 | 9 | 2 |
Trucker (Dallas, TX)
Age: 38 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 20.0 years
Commonness: 7/20
Statement of Opinion:
- The erratic and rising fuel prices are hurting my livelihood.
- Oversight for fair pricing is overdue and welcomed by people like me.
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 | 8 | 3 |
| Year 10 | 8 | 3 |
| Year 20 | 9 | 2 |
Cost Estimates
Year 1: $25000000 (Low: $20000000, High: $30000000)
Year 2: $26000000 (Low: $21000000, High: $31000000)
Year 3: $27000000 (Low: $22000000, High: $32000000)
Year 5: $29000000 (Low: $24000000, High: $34000000)
Year 10: $33000000 (Low: $28000000, High: $38000000)
Year 100: $60000000 (Low: $50000000, High: $70000000)
Key Considerations
- Efficiency and speed of FTC investigations can significantly impact effectiveness.
- Potential legal challenges from major oil companies might delay implementations.
- Market volatility unrelated to manipulation, such as geopolitical tensions, can overshadow the impacts of the policy.