This bill would prohibit the export of liquefied natural gas and petroleum products to China, Russia, North Korea, and Iran, as well as to any entities owned or controlled by these countries. The legislation also prevents exports to other countries on the condition that the energy products will be re-exported to these four nations. The Secretary of Energy could issue waivers to allow specific exports if determined to be in the national interest, and Congress must be notified of any waivers within 15 days. Companies that violate the ban could face civil penalties up to $250 million or twice the transaction value, and knowing violations could result in criminal penalties including fines up to $100 million and up to 20 years in prison. The bill aims to reduce U.S. energy exports to geopolitical rivals and potentially lower domestic energy prices for American households.
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