A bill to cancel Federal oil and gas leases held by persons that manipulate the market price of oil or gas in violation of Federal law, and for other purposes.

Bill: 118-s-4786
Sponsor: full_name: Sen. Markey, Edward J. [D-MA]
Introduced: 2024-07-25
Policy area: Energy
Latest action: action_date: 2024-07-25
text: Read twice and referred to the Committee on Energy and Natural Resources.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4786 IN THE SENATE OF THE UNITED STATES July 25, 2024 Mr. Markey introduced the following bill; which was read twice and referred to the Committee on Energy and Natural Resources A BILL To cancel Federal oil and gas leases held by persons that manipulate the market price of oil or gas in violation of Federal law, and for other purposes.

1. Cancellation of oil or gas leases held by persons that manipulate the market price of oil or gas in violation of Federal law (a) Definitions In this section: (1) Federal oil and gas lease The term Federal oil and gas lease means an oil and gas lease issued or authorized by the Secretary of the Interior pursuant to applicable Federal law. (2) OPEC country The term OPEC country means Algeria, the Democratic Republic of Congo, Equatorial Guinea, Gabon, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, or Venezuela. (3) OPEC plus country The term OPEC plus country means Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan, or Sudan. (b) Finding by the Federal Trade Commission If the Federal Trade Commission issues a final order that finds that a person that holds a Federal oil and gas lease coordinated with an OPEC country or an OPEC plus country to manipulate the market price of oil or gas in violation of section 1 of the Sherman Act ( 15 U.S.C. 1 ) or the Clayton Act ( 15 U.S.C. 12 et seq. )— (1) the Secretary of the Interior shall, to the extent allowable by law— (A) cancel each Federal oil and gas lease held by that person; and (B) not renew or extend any Federal oil and gas lease held by that person; and (2) that person may not bid on any Federal oil and gas lease beginning on the date on which the Federal Trade Commission issues the final order.