ABSTRACT

Congressional Budget Office Cost Estimate: S. 977, No Oil Producing and Exporting Cartels Act of 2021   [open pdf - 174KB]

From the Document: "S. 977 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. Under the bill, 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] has no basis to predict whether DOJ would initiate antitrust actions against foreign states under the bill. The cost of investigating alleged antitrust violations like those that might be brought under S. 977 could cost millions of dollars per year, subject to the availability of appropriated funds."

Publisher:
Date:
2022-05-24
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: https://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations