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Banning Oil Cartels: Fighting Foreign Price Manipulation of Oil and Gas.

This bill aims to allow the U.S. government to prosecute foreign states and organizations that collectively manipulate the prices of oil, natural gas, or petroleum products. If enacted, this could potentially increase the supply of fuels in the U.S. market, which in the long run might stabilize or lower gasoline and heating prices for citizens. The law also removes legal protections (sovereign immunity) for these states in oil cartel cases, making enforcement easier.
Key points
Antitrust Law Changes: Makes it illegal for foreign states to collectively limit production, distribution, or set prices for oil and gas if it directly affects the U.S. market.
Potential for Lower Fuel Costs: The goal is to prevent artificial inflation of energy prices by cartels, which could translate into lower living and transportation costs for citizens.
Removal of Sovereign Immunity: Foreign states cannot claim sovereign immunity in U.S. courts in cases related to illegal oil cartels, facilitating prosecution.
Exclusive Enforcement Authority: Only the U.S. Attorney General has the authority to bring an action to enforce these provisions.
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Additional Information
Print number: 118_S_678
Sponsor: Sen. Grassley, Chuck [R-IA]
Process start date: 2023-03-07
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

NOPEC

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_678.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-07.

What are the main provisions?

Key points include:

  • Antitrust Law Changes: Makes it illegal for foreign states to collectively limit production, distribution, or set prices for oil and gas if it directly affects the U.S. market.
  • Potential for Lower Fuel Costs: The goal is to prevent artificial inflation of energy prices by cartels, which could translate into lower living and transportation costs for citizens.
  • Removal of Sovereign Immunity: Foreign states cannot claim sovereign immunity in U.S. courts in cases related to illegal oil cartels, facilitating prosecution.
  • Exclusive Enforcement Authority: Only the U.S. Attorney General has the authority to bring an action to enforce these provisions.
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. Grassley, Chuck [R-IA].

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 2025-12-27.

CATEGORIES

Economy Courts and Law