International Energy Fair Pricing Act of 2000

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``International Energy Fair Pricing 
Act of 2000''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) The Organization of Petroleum Exporting Countries 
        (OPEC), in its capacity as an oil cartel, has been a critical 
        factor in withholding production from the market and driving up 
        oil prices approximately 300 percent from January 1999 to June 
        2000.
            (2) Nationwide, gasoline prices have increased 
        approximately 60 cents a gallon since the beginning of 1999 
        with crude oil prices increasing 48 cents over this same time 
        period.
            (3) The Department of Energy's weekly survey showed the 
        average cost of gasoline in the United States increased 5 cents 
        a gallon to $1.68 from the second to the third week of June 
        2000, a record high for a fourth week in a row.
            (4) Price declines in the cost of oil in April 2000, 
        following the March 2000 OPEC meetings, have been reversed 
        because OPEC output did not meet global demand and supply 
        conditions. When OPEC members met in March 2000, quotas were 
        not set high enough for refiners around the world to rebuild 
        crude stocks depleted by winter heating demand.
            (5) Crude oil stocks in the United States are only 
        31,000,000 barrels above the lowest operational inventories 
        ever observed in recent times (the equivalent of 2 days of 
        refinery operations) and 20,000,000 barrels under the normal 
        range for the month of June.
            (6) The United States needs to make a systematic review of 
        its bilateral and multilateral policies and those of all 
        international organizations and international financial 
        institutions to ensure that these policies are not directly or 
        indirectly supporting the oil price fixing activities, 
        policies, and programs of OPEC.

SEC. 3. POLICY OF THE UNITED STATES.

    (a) Policy With Respect to International Organizations.--It shall 
be the policy of the United States that the extent to which each 
international organization supports, or otherwise recognizes, OPEC will 
be an important determinant in the relationship between the United 
States and this organization.
    (b) Policy With Respect to International Financial Institutions.--
It shall be the policy of the United States that the extent to which 
each international financial institution supports or otherwise 
recognizes OPEC, will be an important determinant in the relationship 
between the United States and the institution.
    (c) Policy With Respect to the Energy and Development Activities.--
The United States should carefully review all the energy development 
projects and programs administered by the United States Agency for 
International Development in developing countries to ensure that these 
projects and programs do not indirectly or inadvertently support the 
activities of OPEC.

SEC. 4. POLICY TOWARD THE INTERNATIONAL FINANCIAL INSTITUTIONS.

    (a) Report to the Congress on Activities of the International 
Financial Institutions.--No later than 90 days after the date of the 
enactment of this Act, the President shall transmit to the Congress a 
report that contains the following:
            (1) A description of any loan, guarantee, or technical 
        assistance provided or to be provided by any international 
        financial institution that does or would directly or indirectly 
        support any activity or program of OPEC or any other cartel, or 
        any member of OPEC or any other cartel, engaging in production 
        cutbacks or other market-distorting practices.
            (2) A description of the energy sector loans of, technical 
        assistance provided by, and policies of each international 
        financial institution, and an analysis of the extent to which 
the loans, assistance, or policies promote the complete dismantlement 
of international oil price fixing arrangements and the development of a 
market-based system for the exploration, production, and marketing of 
petroleum resources.
    (b) United States Position in International Financial 
Institutions.--The United States Executive Directors at each 
international financial institution shall use the voice, vote, and 
influence of the United States to oppose the provision of any loan, 
guarantee, or technical assistance by the institution that would 
directly or indirectly support the activities and programs of OPEC or 
any other cartel, or any member of OPEC or any other cartel, engaging 
in production cutbacks or other market-distorting practices.

SEC. 5. REPORT RELATING TO THE ORGANIZATION FOR ECONOMIC COOPERATION 
              AND DEVELOPMENT (OECD).

    Not later than 90 days after the date of the enactment of this Act, 
the President shall prepare and transmit to Congress a report that--
            (1) describes the efforts of the Organization for Economic 
        Cooperation and Development (OECD) to review the market-
        distorting practices of international cartels, including OPEC, 
        and recommends specific actions that the member countries of 
        the OECD can undertake to combat such practices; and
            (2) describes actions to be taken by the United States to 
        ensure that the OECD expands upon its activities and programs 
        regarding the operation of international cartels.

SEC. 6. AMENDMENT TO THE FOREIGN ASSISTANCE ACT OF 1961.

    Section 106 of the Foreign Assistance Act of 1961 (22 U.S.C. 2151d) 
is amended by adding at the end the following:
    ``(g)(1) In carrying out the activities under this chapter, the 
President shall--
            ``(A) ensure that amounts made available to carry out this 
        chapter are not used to support, directly or indirectly, the 
        programs, activities, and policies of the Organization of 
        Petroleum Exporting Countries (OPEC), or any other cartel, or 
        any member of OPEC or any other cartel, if OPEC or such other 
        cartel engages in oil price fixing; and
            ``(B) certify annually to the appropriate congressional 
        committees that the requirement of subparagraph (A) has been 
        met for the prior fiscal year.
    ``(2) In this subsection--
            ``(A) the term `appropriate congressional committees' 
        means--
                    ``(i) the Committee on International Relations and 
                the Committee on Banking and Financial Services of the 
                House of Representatives; and
                    ``(ii) the Committee on Foreign Relations and the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate; and
            ``(B) the term `oil price fixing' has the meaning given 
        such term in section 7(2) of the International Energy Fair 
        Pricing Act of 2000.''.

SEC. 7. DEFINITIONS.

    In this Act:
            (1) International financial institution.--The term 
        ``international financial institution'' has the meaning given 
        in section 1701(c)(2) of the International Financial 
        Institutions Act.
            (2) Oil price fixing.--The term ``oil price fixing'' means 
        participation in any agreement, arrangement, or understanding 
        with other counties that are oil exporters to increase the 
        price of oil or natural gas by means of, inter alia, limiting 
        oil or gas production or establishing minimum prices for oil or 
        gas.
            (3) OPEC.--The term ``OPEC'' means the Organization of 
        Petroleum Exporting Countries.
            (4) Petroleum resources.--The term ``petroleum resources'' 
        includes petroleum and natural gas resources.

Summary: Directs the President to report to Congress with respect to: (1) any loan, guarantee, or technical assistance provided by any international financial institution that directly or indirectly supports any OPEC program or country, or any other cartel, engaging in production cutbacks or other market-distorting practices. (2) energy sector loans of, technical assistance provided by, and policies of each international financial institution, including an analysis of the extent to which they promote the complete dismantlement of international oil price fixing arrangements and the development of a market-based system for the exploration, production, and marketing of petroleum resources. (3) Organization for Economic Cooperation and Development (OECD) efforts to review market-distorting practices of international cartels, including OPEC, and specific actions that OECD member countries can undertake to combat such practices. And (4) US actions to ensure that the OECD expands upon its activities and programs regarding the operation of international cartels. Amends the Foreign Assistance Act of 1961 to direct the President, in providing assistance for the development of indigenous energy resources in developing non-OPEC countries, to ensure that such assistance is not used to support, directly or indirectly, OPEC programs or countries, or any other cartel, if OPEC or such cartel engages in oil price fixing.