Title: OPEC Accountability Act of 2018
Policy area: Foreign Trade and International Finance

Summary:
OPEC Accountability Act of 2018
This bill requires the President to negotiate with specified countries regarding anticompetitive practices impacting the trade of oil, natural gas, or other petroleum products. If the negotiation is unsuccessful with respect to any country, the Office of the U.S. Trade Representative must initiate dispute settlement proceedings with the World Trade Organization.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 2929 Introduced in Senate (IS)]

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115th CONGRESS
  2d Session
                                S. 2929

To require the United States Trade Representative to pursue a complaint 
 of anticompetitive practices against certain oil exporting countries.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 23, 2018

  Mr. Markey introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To require the United States Trade Representative to pursue a complaint 
 of anticompetitive practices against certain oil exporting countries.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``OPEC Accountability Act of 2018''.

SEC. 2. ACTIONS TO CURB CERTAIN CARTEL ANTICOMPETITIVE PRACTICES.

    (a) Findings.--Congress makes the following findings:
            (1) Gasoline prices have increased by nearly 25 percent 
        since the beginning of 2017.
            (2) Rising gasoline prices have placed an inordinate burden 
        on families in the United States.
            (3) High gasoline prices have hindered and will continue to 
        hinder economic growth.
            (4) The Organization of Petroleum Exporting Countries (in 
        this subsection referred to as ``OPEC'') and some non-OPEC oil-
        producing countries have formed a cartel and engaged in 
        anticompetitive practices to reduce global oil stockpiles in 
        order to drive up prices.
            (5) Eight member nations of OPEC--Ecuador, Indonesia, 
        Kuwait, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and 
        Venezuela--are also members of the World Trade Organization. 
        Iran, Iraq and Libya are also Observer Governments of the World 
        Trade Organization.
            (6) The coordinated drawdown of global oil stockpiles and 
        resulting high prices harm families in the United States, 
        undermine the economy of the United States, impede commerce in 
        the United States and throughout the world, and are contrary to 
        the national interests of the United States.
    (b) Action by President.--
            (1) In general.--Notwithstanding any other provision of 
        law, the President shall, not later than 15 days after the date 
        of the enactment of this Act, initiate consultations with the 
        countries described in paragraph (2) to seek the elimination by 
        those countries of any action that--
                    (A) limits the production or distribution of oil, 
                natural gas, or any other petroleum product;
                    (B) sets or maintains the price of oil, natural 
                gas, or any other petroleum product; or
                    (C) otherwise is an action in restraint of trade 
                with respect to oil, natural gas, or any other 
                petroleum product, when such action constitutes an act, 
                policy, or practice that is unjustifiable under 
                obligations of the GATT 1994.
            (2) Countries described.--The countries described in this 
        paragraph are the following:
                    (A) The following members of OPEC:
                            (i) Algeria.
                            (ii) Angola.
                            (iii) Ecuador.
                            (iv) Equatorial Guinea.
                            (v) Gabon.
                            (vi) Iran.
                            (vii) Iraq.
                            (viii) Kuwait.
                            (ix) Libya.
                            (x) Nigeria.
                            (xi) Qatar.
                            (xii) Saudi Arabia.
                            (xiii) United Arab Emirates.
                            (xiv) Venezuela.
                    (B) The following oil-producing countries that are 
                not members of OPEC:
                            (i) Azerbaijan.
                            (ii) Bahrain.
                            (iii) Brunei.
                            (iv) Kazakhstan.
                            (v) Malaysia.
                            (vi) Mexico.
                            (vii) Oman.
                            (viii) Russia.
                            (ix) South Sudan.
                            (x) Sudan.
    (c) Initiation of WTO Dispute Proceedings.--If the consultations 
described in paragraph (1) of subsection (b) are not successful with 
respect to any country described in paragraph (2) of that subsection, 
the United States Trade Representative shall, not later than 60 days 
after the date of the enactment of this Act, institute proceedings 
pursuant to the Understanding on Rules and Procedures Governing the 
Settlement of Disputes with respect to that country and shall take 
appropriate action with respect to that country under the trade remedy 
laws of the United States.
    (d) Definitions.--In this section:
            (1) GATT 1994.--The term ``GATT 1994'' means the General 
        Agreement on Tariffs and Trade annexed to the WTO Agreement.
            (2) Understanding on rules and procedures governing the 
        settlement of disputes.--The term ``Understanding on Rules and 
        Procedures Governing the Settlement of Disputes'' means the 
        agreement described in section 101(d)(16) of the Uruguay Round 
        Agreements Act (19 U.S.C. 3511(d)(16)).
            (3) World trade organization.--The term ``World Trade 
        Organization'' means the organization established pursuant to 
        the WTO Agreement.
            (4) WTO agreement.--The term ``WTO Agreement'' means the 
        Agreement Establishing The World Trade Organization entered 
        into on April 15, 1994.
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