Congressional Budget Office Cost Estimate: S. 394: No Oil Producing and Exporting Cartels Act of 2011   [open pdf - 17KB]

"S. 394 would seek to prohibit foreign states from working collectively to limit the production, set the price, or otherwise restrain the trading of petroleum and natural gas when such actions affect U.S. markets. The bill would authorize the Department of Justice (DOJ) to enforce the legislation by filing antitrust actions in federal courts. The bill also would provide that foreign states that restrain trade in petroleum and natural gas would not be immune from the judgment of U.S. courts under the doctrine of sovereign immunity. CBO [Congressional Budget Office] cannot estimate a precise cost of implementing S. 394 because we have no basis for assessing the likelihood that the Administration might initiate antitrust actions against foreign states under the bill. Based on information from DOJ on the costs of investigating alleged antitrust violations, CBO estimates that investigations like those that might be brought under S. 394 could cost as much as $4 million per year, subject to appropriation of the necessary funds."

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