Eligibility for oil and gas leases would be refused to companies that have worked with OPEC.
Senator Edward Markey of Massachusetts and Representative Nanette Barragan of California introduced a bill that would remove eligibility for U.S. oil and gas leases from oil companies that have worked with the Organization of Petroleum Exporting Countries (OPEC). OPEC was founded in Baghdad by the governments of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, and is now comprised of 12 member countries. The group produces around 30 percent of the world’s oil.
In May, the Federal Trade Commission (FTC) accused Scott Sheffield, the CEO of Pioneer Natural Resources, of exchanging hundreds of messages with OPEC officials to inflate oil prices. The FTC barred Sheffield from continuing in corporate leadership, but Senator Markey and Representative Barragan intend to codify more consequences into law.
Senator Markey stated that the bill is a “first step towards ensuring Big Oil gets Big Consequences when they profiteer off the backs of hard-working Americans.” This bill is unlikely to pass in the House of Representatives.
As the Lord Leads, Pray with Us…
- For wisdom for federal legislators as they assess moves to protect U.S. jobs and resources.
- For the FTC chair and commissioners to be led by the Lord as they seek to regulate trade.
Sources: Reuters
