[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2964 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2964

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 1, 2008

Mr. Lautenberg (for himself, Mr. Dorgan, Mr. Levin, Mr. Casey, and Mr. 
   Sanders) 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''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Gasoline prices have more than quadrupled since 
        January, 2002, with crude oil recently trading at more than 
        $119 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 anticompetitive 
        practices to manipulate the price of oil, keeping it 
        artificially high.
            (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 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.

SEC. 3. ACTIONS TO CURB CERTAIN CARTEL ANTICOMPETITIVE 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.
                    (G) Ecuador.
                    (H) Saudi Arabia.
    (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.
                                 <all>