Section 1 Short title
This Act may be cited as the “Gas Consumer Emergency Market Protection Act”.
Gas Consumer Emergency Market Protection Act
A BILL
To impose natural gas trading limits during emergencies.
Sec. 2 Identification of beneficiaries of dramatic increases in natural gas prices in relation to Winter Storm Uri
Study— The Commodity Futures Trading Commission shall conduct a study designed to reveal who benefitted from the dramatic increases in natural gas prices on the spot market and day-ahead markets in relation to Winter Storm Uri.
Report to the Congress— Within 180 days after the date of the enactment of this Act, the Commodity Futures Trading Commission shall submit to the Congress a written report that contains the results of the study required by subsection (a) and includes recommendations on how to address similar circumstances which may arise in the future.
Sec. 3 Rulemaking to require imposition of natural gas trading limits in the spot and day-ahead markets during emergency
The Commodity Futures Trading Commission shall conduct a rulemaking requiring all facilities on or through which natural gas is traded on the spot market and the day-ahead market to impose limits on trading in natural gas during an emergency declared by an agency or instrumentality of the Federal Government, to prevent market distortions.
Sec. 4 Prohibition on natural gas price gouging on spot or day-ahead market during emergency
The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by inserting after section 4t the following:
“4u. Prohibition on natural gas price gouging on spot or day-ahead market during emergency
“(a) In general—If the Commission finds, after notice and opportunity for hearing, that, during an emergency declared by an agency or instrumentality of the Federal Government, a person has sold or offered for sale, or has attempted to sell or offer for sale, in or affecting interstate or foreign commerce, on any spot or day-ahead market, any quantity of natural gas for a price that exceeds such baseline price as the Commission may establish by rule, regulation or order, the Commission may subject the person to a civil penalty.
“(b) Amount of penalty—The amount of a civil penalty imposed on a person under subsection (a) shall be not more than $1,000,000 per day.”