S. 752Senate109th Congress (2005-2007)In Committee

OPEC Accountability Act

Introduced April 11, 2005

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3424-3425)

April 11, 2005

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SenateIntro Referral

Introduced in Senate

April 11, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3424-3425)

April 11, 2005

Floor Debate

13 members

What members said about S. 752 on the floor

4 Republicans9 Democrats
Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Apr 11, 2005

Mr. President, I rise today to introduce the Corps of Engineers Modernization and Improvement Act of 2005. I am pleased to be joined by the senior Senator from Arizona, Mr. McCain, who worked with me…

Robert C. Byrd
Sen. Robert C. ByrdD-WV · Apr 11, 2005

Mr. President, today I am introducing the International Clean Energy Deployment and Global Energy Markets Investment Act of 2005. This is a forward-thinking, made-in-America action plan that can…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Apr 11, 2005

Mr. President, I rise today to introduce legislation to authorize the Inland Empire Regional Water Recycling initiative to be part of the U.S. Bureau of Reclamation's Title XVI program. These water…

Craig Thomas
Sen. Craig ThomasR-WY · Apr 11, 2005

President, today I am pleased to join Senator Levin in introducing a bill that will further my efforts to limit unfair government competition with the private sector. Throughout my career in public…

Orrin G. Hatch
Sen. Orrin G. HatchR-UT · Apr 11, 2005

Mr. President, I am pleased to join Senator Inouye in introducing ``The Wakefield Act'', which reauthorizes the Emergency Medical Services for Children (EMSC) program. It has been 20 years since…

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Jon Kyl
Sen. Jon KylR-AZ · Apr 11, 2005

Mr. President, the 108th Congress began the necessary process, as part of the American Jobs Creation Act, of rationalizing the way the United States taxes the foreign income of U.S.-based companies,…

Robert F. Bennett
Sen. Robert F. BennettR-UT · Apr 11, 2005

Mr. President, I rise today to introduce the Lupus-- Research, Education, Awareness, Communication, Health Care--or REACH Amendments of 2005. This bill will strengthen the Nation's research efforts…

Carl Levin
Sen. Carl LevinD-MI · Apr 11, 2005

Mr. President, I am pleased to join with Senators Craig Thomas, Chuck Grassley and Debbie Stabenow in introducing the Federal Prison Industries Competition in Contracting Act. Our bill is based on a…

Kent Conrad
Sen. Kent ConradD-ND · Apr 11, 2005

Mr. President, I rise today to support the introduction of the Wakefie1d Act, which will reauthorize the Emergency Medical Services for Children, EMSC, program. This program is the only Federal…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Apr 11, 2005

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Apr 11, 2005

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Apr 11, 2005

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Apr 11, 2005

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

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Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Apr 11, 2005

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued April 11, 2005

II

109th CONGRESS

1st Session

S. 752

IN THE SENATE OF THE UNITED STATES

April 11, 2005

Mr. Lautenberg (for himself, Mr. Durbin, and Mr. Dorgan) 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 anti-competitive practices against certain oil exporting countries.

1.

Short title

This Act may be cited as the OPEC Accountability Act .

2.

Findings

Congress makes the following findings:

(1)

Gasoline prices have nearly doubled since January, 2002, with oil recently trading at more than $58 per barrel for the first time ever.

(2)

Rising gasoline prices have placed an inordinate burden on American families.

(3)

High gasoline prices have hindered and will continue to hinder economic recovery.

(4)

The Organization of Petroleum Exporting Countries (OPEC) has formed a cartel and engaged in anti-competitive practices to manipulate the price of oil, keeping it artificially high.

(5)

Six member nations of OPEC—Indonesia, Kuwait, Nigeria, Qatar, the United Arab Emirates and Venezuela—are also members of the World Trade Organization.

(6)

The agreement among OPEC member nations to limit oil exports is an illegal prohibition or restriction on the exportation or sale for export of a product under article XI of the GATT 1994.

(7)

The export quotas and resulting high prices harm American families, undermine the American economy, impede American and foreign commerce, and are contrary to the national interests of the United States.

3.

Actions to curb certain cartel anti-competitive practices

(a)

Definitions

In this Act:

(1)

GATT 1994

The term GATT 1994 has the meaning given such term in section 2(1)(B) of the Uruguay Round Agreements Act (19 U.S.C. 3501(1)(B)).

(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

(A)

In general

The term World Trade Organization means the organization established pursuant to the WTO Agreement.

(B)

WTO agreement

The term WTO Agreement means the Agreement Establishing The World Trade Organization entered into on April 15, 1994.

(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 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 petroleum product, or

(C)

otherwise is an action in restraint of trade with respect to oil, natural gas, or any petroleum product, when such action constitutes an act, policy, or practice that is unjustifiable and burdens and restricts United States commerce.

(2)

Countries described

The countries described in this paragraph are the following:

(A)

Indonesia.

(B)

Kuwait.

(C)

Nigeria.

(D)

Qatar.

(E)

The United Arab Emirates.

(F)

Venezuela.

(c)

Initiation of WTO dispute proceedings

If the consultations described in subsection (b) are not successful with respect to any country described in subsection (b)(2), the United States Trade Representative shall, not later than 60 days after the date of 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.