S.2976 - OPEC Accountability Act110th Congress (2007-2008)
|Sponsor:||Sen. Lautenberg, Frank R. [D-NJ] (Introduced 05/06/2008)|
|Committees:||Senate - Finance|
|Latest Action:||05/06/2008 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2976 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (05/06/2008)
OPEC Accountability Act - Requires the President to initiate consultations with Indonesia, Kuwait, Nigeria, Qatar, the United Arab Emirates, Venezuela, Ecuador, and Saudi Arabia to seek their elimination of any action that: (1) limits the production or distribution of oil, natural gas, or any other petroleum product; (2) sets or maintains the price of any such product; or (3) otherwise is an action in restraint of trade with respect to such products when such action constitutes an act, policy, or practice that is unjustifiable and burdens and restricts U.S. commerce.
Requires the U.S. Trade Representative to: (1) initiate World Trade Organization (WTO) dispute proceedings if the consultation is not successful with respect to any such country; and (2) take appropriate action regarding the country under U.S. trade remedy laws.