Bill Text: NJ SR114 | 2010-2011 | Regular Session | Introduced
Bill Title: Memorializes Congress to enact legislation allowing U.S. Department of Justice to sue Organization of the Petroleum Exporting Countries (OPEC) over oil production and prices.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-05-12 - Introduced in the Senate, Referred to Senate Transportation Committee [SR114 Detail]
Download: New_Jersey-2010-SR114-Introduced.html
Sponsored by:
Senator SHIRLEY K. TURNER
District 15 (Mercer)
SYNOPSIS
Memorializes Congress to enact legislation allowing U.S. Department of Justice to sue Organization of the Petroleum Exporting Countries (OPEC) over oil production and prices.
CURRENT VERSION OF TEXT
As introduced.
A Senate Resolution memorializing Congress to enact legislation allowing the United States Department of Justice to sue the Organization of the Petroleum Exporting Countries for limiting oil production and colluding on oil prices, and to conduct an investigation into price gouging.
Whereas, The soaring price of crude oil is driving up the cost of energy and gasoline for citizens in the United States, fiscally constraining the spending abilities and choices of hardworking Americans, causing immense alarm over national energy trends, and further weakening the United States economy and value of the U.S. dollar; and
Whereas, The increase in gasoline prices is largely due to the increasing price of crude oil, which gasoline refiners in the United States purchase on the world market, and the price of crude oil is highly sensitive to crude oil production decisions made by entities with significant shares in the market; and
Whereas, Since 1973, the Organization of the Petroleum Exporting Countries (OPEC) has cartelized the crude oil market, effectively controlling the supply and price of petroleum products; and
Whereas, Crude oil makes up a greater share of the price per gallon of regular gasoline, nearly tripling between 2002 and 2008, and prices continue to be alarmingly unpredictable; and
Whereas, The United States House of Representatives introduced the "Gas Price Relief for Consumers Act of 2008" (H.R.6074) in May 2008, also known as the "No Oil Producing and Exporting Cartels Act of 2008," or "NOPEC," which would have amended sections of the Sherman Act to declare it illegal to limit the production or distribution of oil, natural gas, or any other petroleum product, set or maintain the price of such products, or take action to restrain the trade of such products, for the purposes of affecting the market, supply, price, and distribution of petroleum in the United States; and
Whereas, H.R.6074 would have allowed the Attorney General of the United States to bring an action to enforce this law, if enacted, in any federal district court in this country as provided under the federal antitrust laws, and would have established a Petroleum Industry Antitrust Task Force in the United States Department of Justice; and
Whereas, The United States House of Representatives passed H.R.6074 on May 20, 2008, and the bill received 324 affirmative votes, solidifying a two-thirds and veto-proof majority, but the bill was not enacted into law and currently has not been reintroduced in a subsequent session of Congress; and
Whereas, It is altogether fitting and proper and in the public interest of this State for this House to urge the United States Congress to enact legislation allowing the United States Department of Justice to sue OPEC for limiting oil production and colluding on oil prices, and to conduct an investigation into price gouging; now, therefore,
Be It Resolved by the Senate of the State of New Jersey:
1. This House memorializes the United States Congress to enact legislation allowing the United States Department of Justice to sue the Organization of the Petroleum Exporting Countries (OPEC) for limiting oil production and colluding on oil prices, and to conduct an investigation into price gouging.
2. Duly authenticated copies of this resolution, signed by the President of the Senate and attested by the Secretary of the Senate, shall be transmitted to the President and Vice President of the United States, the Majority and Minority Leaders of the United States Senate, the Speaker and Majority and Minority Leaders of the United States House of Representatives, and every member of the United States Congress elected from the State of New Jersey.
STATEMENT
This resolution urges the United States Congress to enact legislation allowing the United States Department of Justice to sue the Organization of the Petroleum Exporting Countries (OPEC) for limiting oil production and colluding on oil prices, and to conduct an investigation into price gouging.
Soaring crude oil prices are driving up the cost of energy and gasoline for citizens in the United States, fiscally constraining the spending abilities and choices of hardworking Americans, causing immense alarm over national energy trends, and further weakening the United States economy and value of the U.S. dollar.
The increase in gasoline prices is largely due to the increasing price of crude oil, which gasoline refiners in the United States purchase on the world market. The price of crude oil is highly sensitive to crude oil production decisions made by entities with significant shares in the market. Since 1973, OPEC has cartelized the crude oil market, effectively controlling the supply and price of petroleum products. According to the United States Energy Information Administration, the price of crude oil nearly tripled between 2002 and 2008. Prices continue to be alarmingly unpredictable.
In May 2008, the United States House of Representatives introduced the "Gas Price Relief for Consumers Act of 2008" (H.R.6074), also known as the "No Oil Producing and Exporting Cartels Act of 2008," or "NOPEC," which would have amended sections of the Sherman Act to declare it illegal to limit the production or distribution of oil, natural gas, or any other petroleum product, set or maintain the price of such products, or take action to restrain the trade of such products, for the purposes of affecting the market, supply, price, and distribution of petroleum in the United States. The "NOPEC" legislation would have allowed the Attorney General of the United States to bring an action to enforce this law, if enacted, in any federal district court in this country as provided under the federal antitrust laws, and would have established a Petroleum Industry Antitrust Task Force in the U.S. Department of Justice. The United States House of Representatives passed H.R.6074 on May 20, 2008, and the bill received 324 affirmative votes, solidifying a two-thirds and veto-proof majority; however, the bill was not enacted into law and currently has not been reintroduced in a subsequent session of Congress.
