Summary: S.2557 — 109th Congress (2005-2006)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Reported to Senate without amendment (04/27/2006)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Oil and Gas Industry Antitrust Act of 2006 - Amends the Clayton Act to make it unlawful for any person to refuse to sell, or to export or divert, existing supplies of petroleum, gasoline, or other fuel derived from petroleum, or natural gas, with the primary intention of increasing prices or creating a shortage in a geographic market.

Directs the Attorney General (AG) and the Chairman of the Federal Trade Commission (FTC) to study, and report to Congress on, whether section 7 of the Clayton Act (prohibiting certain mergers or acquisitions) should be amended to modify how that section applies to persons engaged in the business of exploring for, producing, refining, or otherwise processing, storing, marketing, selling, or otherwise making available petroleum, gasoline or other fuel derived from petroleum, or natural gas.

Requires the Comptroller General (CG) to study the effectiveness of divestitures required under certain prior oil and gas industry consent decrees. Requires a report on study results from the CG to Congress, the FTC, and the Department of Justice.

Directs the AG and FTC Chairman to establish a joint federal-state task force to investigate information sharing among persons in the oil and gas industry.

No Oil Producing and Exporting Cartels Act of 2006 or NOPEC - Amends the Sherman Act to make it illegal for any foreign state or instrumentality thereof to act collectively with any other foreign state or instrumentality to: (1) limit oil production or distribution; (2) set or maintain the price of oil; or (3) take any other action in restraint of trade for oil, natural gas, or any petroleum product. Provides for enforcement through the AG.