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Canceling Federal Leases for Oil and Gas Price Manipulation with OPEC.

This bill aims to protect citizens from artificially inflated fuel prices. If a company holding federal oil or gas leases is found by the Federal Trade Commission to have manipulated the market in coordination with OPEC countries, they will lose all their federal drilling rights. The consequence is the removal of entities that contribute to instability and high energy costs for consumers.
Key points
Companies manipulating oil or gas prices in coordination with OPEC countries will lose their federal drilling rights.
The Federal Trade Commission (FTC) determines guilt; upon its final order, leases are immediately canceled.
Persons or entities found guilty of manipulation are banned from bidding on future federal leases.
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Expired
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Additional Information
Print number: 118_S_4786
Sponsor: Sen. Markey, Edward J. [D-MA]
Process start date: 2024-07-25
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4786.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-25.

What are the main provisions?

Key points include:

  • Companies manipulating oil or gas prices in coordination with OPEC countries will lose their federal drilling rights.
  • The Federal Trade Commission (FTC) determines guilt; upon its final order, leases are immediately canceled.
  • Persons or entities found guilty of manipulation are banned from bidding on future federal leases.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Markey, Edward J. [D-MA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Courts and Law