To cancel Federal oil and gas leases held by entities that manipulate the market price of oil or gas in violation of certain Federal law, and for other purposes.
About This Bill
Committee
Latest Action · July 24, 2024
Referred to the House Committee on Natural Resources.
This bill would automatically cancel all federal oil and gas leases held by companies that the Federal Trade Commission finds have illegally coordinated with OPEC or OPEC-plus countries to manipulate oil and gas prices in violation of antitrust laws. Once the FTC issues a final order against such a company, the Secretary of the Interior must cancel their existing leases and prohibit them from bidding on new federal leases going forward. The bill defines OPEC countries as Algeria, Congo, Equatorial Guinea, Gabon, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela, while OPEC-plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, and Sudan. The measure primarily affects oil and gas companies that engage in price manipulation schemes with foreign governments and would take effect upon an FTC determination of wrongdoing. No specific funding or implementation timeline is included in the bill.
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