Summary: H.R.494 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for H.R.494. Bill summaries are authored by CRS.

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Introduced in House (01/05/1981)

Expresses the intent of Congress that the President initiate negotiations with other oil importing nations to establish a Council of Oil Importing Nations to negotiate for reasonable oil prices with the Organization of Petroleum Exporting Countries. Directs the President to submit to such Council a set of appropriate sanctions to encourage compliance with negotiated oil prices.