S. 2976, The OPEC Accountability Act

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2976 would require the United States Trade Representative to pursue a complaint of anticompetitive practices against certain oil exporting countries.

Detailed Summary

OPEC Accountability Act - Requires the President to initiate consultations with Indonesia, Kuwait, Nigeria, Qatar, the United Arab Emirates, Venezuela, Ecuador, and Saudi Arabia to seek their elimination of any action that: (1) limits the production or distribution of oil, natural gas, or any other petroleum product; (2) sets or maintains the price of any such product; or (3) otherwise is an action in restraint of trade with respect to such products when such action constitutes an act, policy, or practice that is unjustifiable and burdens and restricts U.S. commerce.

Requires the U.S. Trade Representative to: (1) initiate World Trade Organization (WTO) dispute proceedings if the consultation is not successful with respect to any such country; and (2) take appropriate action regarding the country under U.S. trade remedy laws.

Status of the Legislation

Latest Major Action: 5/6/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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