Bill summaries are authored by CRS.

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Passed House amended (03/22/2000)

Oil Price Reduction Act of 2000 - Declares it to be U.S. policy to: (1) consider the extent to which major net oil exporting countries engage in oil price fixing to be an important determinant in the overall political, economic, and security relationship between the United States and such countries; and (2) work multilaterally with other countries that are major net oil importers to bring about the complete dismantlement of international oil price fixing arrangements.

Directs the President, within 30 days after enactment of this Act, to report to Congress with respect to: (1) the overall economic and security relationship between the United States and each major net oil exporting country (including members of the Organization of Petroleum Exporting Countries (OPEC)); (2) the effect that coordination among such countries with respect to oil production and pricing has had on the U.S. economy and global energy supplies; (3) information on all assistance provided to such countries under the Foreign Assistance Act of 1961 and the Arms Export Control Act (including licenses for the export of defense articles and defense services); and (4) the President's determination as to whether or not each such country is engaging in oil price fixing to the detriment of the U.S. economy.

Directs the President, not later than 30 days after submitting the report, to: (1) undertake a concerted diplomatic campaign to convince any country determined to be engaged in oil price fixing to the detriment of the U.S. economy that the current oil price levels are unsustainable and will negatively affect global economic growth rates in oil consuming and developing countries; and (2) take the necessary steps to begin negotiations to achieve multilateral action to reduce, suspend, or terminate bilateral assistance and arms exports to major net oil exporters engaged in oil price fixing as part of a concerted diplomatic campaign with other major net oil importers to bring about the complete dismantlement of international oil price fixing arrangements. Requires the President to report to Congress with respect to such diplomatic efforts.