US lawmakers have formally introduced a bill to hold energy companies to account if they are found to have colluded with OPEC over possible price adjustment and coordination.
Earlier in July, the Budget Committee of the US Senate started an investigation into suspicions of collusion between several domestic oil producers and the global oil organisation.
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The committee, which has the responsibility of overseeing federal spending, examined the activities and communications of almost 20 oil and gas producers, according to a statement released at the time.
The investigation was prompted by claims, made in late June, from Democratic Senator Sheldon Whitehouse that energy giants such as ExxonMobil, Chevron and ConocoPhillips, and several smaller companies, were colluding with the Vienna-based policy body.
According to several US news outlets, the three major energy companies did not immediately respond to requests for comment at the time, and no criminal charges or investigations are under way.
Now, a bill has been introduced by Democratic lawmakers Senator Edward Markey and Representative Nanette Barragan.
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By GlobalDataThe legislation stated that if any energy company is found by the Federal Trade Commission to have colluded with OPEC, its eligibility for federal oil and gas leases would be removed.
“When oil executives collude with OPEC officials – coordinating oil output and prices and engaging in illegal price-fixing with foreign leaders – there must be consequences,” said Markey, via a press release announcing the bill.
He added that the Big Oil Collusion Accountability Act is a “first step towards ensuring Big Oil gets Big Consequences when they profiteer off the backs of hard-working Americans”.
However, the bill has virtually no chance of becoming law. Republicans control the House of Representatives and Democrats have only a small majority in the Senate.
