To cancel Federal oil and gas leases held by entities that manipulate the market price of oil or gas in violation of certain Federal law, and for other purposes.
Impact
If enacted, HB 9118 would significantly impact the regulation of federal oil and gas leasing by introducing stricter oversight of leaseholders' practices. The bill would grant the Secretary of the Interior the authority to revoke leases without renewal for those entities found in violation of market manipulation laws. This action could potentially reshape the landscape of oil and gas production in the country, encouraging more transparent and fair market practices while holding companies accountable for unethical actions that lead to inflated energy costs.
Summary
House Bill 9118 seeks to address the manipulation of oil and gas market prices by individuals or entities holding federal leases. Specifically, the bill mandates the cancellation of federal oil and gas leases if the Federal Trade Commission confirms that a holder has coordinated with OPEC or OPEC plus countries to manipulate market pricing in violation of established federal laws, such as the Sherman Act or the Clayton Act. This legislative measure is likely aimed at curbing unethical practices affecting energy prices in the United States.
Contention
Notable points of contention surrounding HB 9118 may stem from varying perspectives on the role of federal oversight in the oil and gas sector. Advocates for the bill, including environmental groups and certain lawmakers, likely argue it is necessary to maintain fair market practices and protect consumers from price gouging. Conversely, opponents may raise concerns about potential overreach into the private sector and the economic repercussions of canceling leases, particularly for companies dependent on federal leasing for their operations. Such discussions may foster debates over the balance between regulation and market freedom.
Related
A bill to cancel Federal oil and gas leases held by persons that manipulate the market price of oil or gas in violation of Federal law, and for other purposes.
A bill to cancel Federal oil and gas leases held by persons that manipulate the market price of oil or gas in violation of Federal law, and for other purposes.
Fair and Transparent Gas Prices Act of 2023 This bill requires the Federal Trade Commission to investigate anticompetitive, collusive, or other conduct related to oil and gas companies and markets.