OPEC Accountability Act of 2018

Bill: 115-s-2929
Sponsor: full_name: Sen. Markey, Edward J. [D-MA]
Introduced: 2018-05-23
Policy area: Foreign Trade and International Finance
Subjects: Africa

Algeria

Angola

Asia

Azerbaijan

Bahrain

Brunei

Competition and antitrust

Competitiveness, trade promotion, trade deficits

Ecuador

Energy prices

Energy storage, supplies, demand

Equatorial Guinea

Gabon

Iran

Iraq

Kazakhstan

Kuwait

Latin America

Libya

Malaysia

Mexico

Middle East

Nigeria

Oil and gas

Oman

Qatar

Russia

Saudi Arabia

South Sudan

Sudan

Tariffs

Trade agreements and negotiations

United Arab Emirates

Venezuela
Latest action: action_date: 2018-05-23
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2018-05-23
action_desc: Introduced in Senate
text: <p><b>OPEC Accountability Act of 2018 </b></p> <p>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. </p>

tv_txt: II 115th CONGRESS 2d Session S. 2929 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.

1. Short title This Act may be cited as the OPEC Accountability Act of 2018 . 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.