[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4786 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  2d Session
                                S. 4786

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 25, 2024

  Mr. Markey introduced the following bill; which was read twice and 
       referred to the Committee on Energy and Natural Resources

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. CANCELLATION OF OIL OR GAS LEASES HELD BY PERSONS THAT 
              MANIPULATE THE MARKET PRICE OF OIL OR GAS IN VIOLATION OF 
              FEDERAL LAW.

    (a) Definitions.--In this section:
            (1) Federal oil and gas lease.--The term ``Federal oil and 
        gas lease'' means an oil and gas lease issued or authorized by 
        the Secretary of the Interior pursuant to applicable Federal 
        law.
            (2) OPEC country.--The term ``OPEC country'' means Algeria, 
        the Democratic Republic of Congo, Equatorial Guinea, Gabon, 
        Iran, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab 
        Emirates, or Venezuela.
            (3) OPEC plus country.--The term ``OPEC plus country'' 
        means Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, 
        Mexico, Oman, Russia, South Sudan, or Sudan.
    (b) Finding by the Federal Trade Commission.--If the Federal Trade 
Commission issues a final order that finds that a person that holds a 
Federal oil and gas lease coordinated with an OPEC country or an OPEC 
plus country to manipulate the market price of oil or gas in violation 
of section 1 of the Sherman Act (15 U.S.C. 1) or the Clayton Act (15 
U.S.C. 12 et seq.)--
            (1) the Secretary of the Interior shall, to the extent 
        allowable by law--
                    (A) cancel each Federal oil and gas lease held by 
                that person; and
                    (B) not renew or extend any Federal oil and gas 
                lease held by that person; and
            (2) that person may not bid on any Federal oil and gas 
        lease beginning on the date on which the Federal Trade 
        Commission issues the final order.
                                 <all>