Fact Sheet: Rising Oil Costs

Fact Sheet | February 1, 2006

Executive Summary

HB 3044 recognizes the need to assure fair and transparent prices for gasoline for businesses and citizens in our state. Currently, oil company pricing mechanisms, timing, strategies, and structures are not accessible to the public.

HB 3044 addresses the need for public data on the oil industry and begins regulatory oversight of pricing. It empowers the utilities and transportation commission to gain and make publicly accessible gasoline pricing and availability. It requires each oil company to file with the commission the price to be charged for petroleum products. It prohibits changes in these prices without prior filing, while specifically prohibiting the UTC from setting prices.

HB 3044 also requires each oil company to file

  • Intrastate and export shipments of petroleum, and
  • Refinery profit margins  HB 3044 is the first step to enabling the public to gain an understanding of the market power and  monopoly pricing structure of the oil industry

HB 3044 is the first step to enabling the public to gain an understanding of the market power and monopoly pricing structure of the oil industry.


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Posted in An Inclusive Economy, Funding Public Services