Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB4786

Introduced
7/25/24  

Caption

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.

Impact

If enacted, SB4786 would significantly reshape the regulatory landscape for federal oil and gas leases. The bill is anticipated to impact legislative frameworks by tightening control over how leases are maintained and the conduct of those who hold them. It may also lead to increased scrutiny and enforcement actions against companies suspected of violating market integrity, thereby aiming to protect consumer interests and promote fair practices in energy pricing.

Summary

SB4786 aims to cancel federal oil and gas leases held by individuals or entities that are found to manipulate the market price of oil or gas in violation of federal law. The bill is a response to concerns regarding pricing practices that may be detrimental to the market's integrity, particularly when coordinated with OPEC or OPEC plus countries. By defining specific actions that constitute market manipulation, the bill seeks to provide the federal government with a clearer mandate for addressing unfair practices in the oil and gas sector. A significant element of the bill outlines the process by which the Federal Trade Commission (FTC) can determine whether a person has engaged in such manipulative practices. Upon making a finding, the FTC can issue a final order, which would then trigger actions by the Secretary of the Interior to cancel existing leases held by the offending parties. This process underscores a proactive approach in ensuring compliance with federal regulations designed to foster fair competition in the energy market. The bill introduces substantial implications for state laws regarding energy regulation. By focusing on market manipulation at a federal level, it ensures that corrective measures are uniformly applied across the country, thereby mitigating the risk of localized regulatory discrepancies that can arise in different states. The potential for lease cancellations adds a layer of accountability for those involved in oil and gas leases, as they must operate within the bounds of legal market practices. Notably, the bill reflects a larger strategic effort to enhance federal oversight of the energy market. However, it may face contention from those within the industry who view it as an overreach that could threaten investment opportunities. Detractors might argue that increased federal involvement could deter prospective lease holders from engaging in the market out of fear of compliance issues or potential lease cancellations.

Companion Bills

US HB9118

Related 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.

Previously Filed As

US HB9118

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.

US SB5588

A bill to prohibit drilling in the outer Continental Shelf, to prohibit coal leases on Federal land, and for other purposes.

US SB67

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.

US HR1173

Providing for consideration of the bill (H.R. 615) to prohibit the Secretary of the Interior and the Secretary of Agriculture from prohibiting the use of lead ammunition or tackle on certain Federal land or water under the jurisdiction of the Secretary of the Interior and the Secretary of Agriculture, and for other purposes; providing for consideration of the bill (H.R. 2925) to amend the Omnibus Budget Reconciliation Act of 1993 to provide for security of tenure for use of mining claims for ancillary activities, and for other purposes; providing for consideration of the bill (H.R. 3195) to rescind Public Land Order 7917, to reinstate mineral leases and permits in the Superior National Forest, to ensure timely review of Mine Plans of Operations, and for other purposes; providing for consideration of the bill (H.R. 764) to require the Secretary of the Interior to reissue regulations removing the gray wolf from the list of endangered and threatened wildlife under the Endangered Species Act of 1973; providing for consideration of the bill (H.R. 3397) to require the Director of the Bureau of Land Management to withdraw a rule of the Bureau of Land Management relating to conservation and landscape health; providing for consideration of the bill (H.R. 6285) to ratify and approve all authorizations, permits, verifications, extensions, biological opinions, incidental take statements, and any other approvals or orders issued pursuant to Federal law necessary for the establishment and administration of the Coastal Plain oil and gas leasing program, and for other purposes; and providing for consideration of the bill (H.R. 6090) to provide for the consideration of a definition of antisemitism set forth by the International Holocaust Remembrance Alliance for the enforcement of Federal antidiscrimination laws concerning education programs or activities, and for other purposes.

US SB4536

A bill to designate the Federal building and United States courthouse located at 600 East First Street in Rome, Georgia, as the "Harold L. Murphy Federal Building and United States Courthouse."

US SB5576

A bill to limit eligibility for Federal benefits for certain immigrants, and for other purposes.

US SB808

Stop Russian Market Manipulation Act

US HB10489

To prohibit drilling in the outer Continental Shelf, to prohibit coal leases on Federal land, and for other purposes.

US SB3229

A bill to prohibit Federal agencies from restricting the use of convertible virtual currency by a person to purchase goods or services for the person's own use, and for other purposes.

US SB2805

Protecting Our Courts from Foreign Manipulation Act of 2023

Similar Bills

No similar bills found.