Senator Markey to Introduce OPEC Accountability Act as Oil Cartel Colludes to Slash Production, Hike Energy Prices Worldwide

Washington (October 5, 2022) - Amid the news today that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC Participating Countries have agreed to recommend a slashing of oil production quotas of two million barrels per day starting this November-a move that will raise energy costs for working families across the globe-Senator Edward J. Markey (D-Mass) announced he will reintroduce his OPEC Accountability Act. Specifically, the legislation would require the U.S. President to initiate consultations with OPEC countries, as well as the non-OPEC oil-producing countries that have joined OPEC, in the recent coordinated efforts to reduce crude oil production. If these consultations do not succeed in ending OPEC and non-OPEC countries' collusion on oil production and market manipulation, the OPEC Accountability Act instructs the U.S. Trade Representative to initiate dispute proceedings at the World Trade Organization.

"As we build our clean energy future, we must stand up to the oil-soaked global cartel that seeks to abuse its power to raise prices and boost their profits," said Senator Markey. "Today's OPEC announcement is a reminder that as long the United States is dependent on foreign oil and on domestic oil that is priced on a global market, the supply and cost of the energy Americans use to operate our cars, heat our homes, and power our economy is reliant on decisions made by and for hostile fossil-fueled regimes. We must hold OPEC and its allies accountable for colluding to hike energy prices on working families, and we must accelerate our transition to clean energy to free ourselves from their profiteering, colluding grip once and for all."

A copy of the OPEC Accountability Act can be found HERE.

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