May 20, 2008(Key vote)
Title: Prohibiting Foreign States or Associations from Forming a Group to Control Oil
Vote Smart's Synopsis:
Vote to pass a bill that makes it illegal for foreign states or associations to form a group to control oil, and allows the Department of Justice to enforce antitrust policies related to oil production.
Amends the Sherman Act to make it illegal for foreign states to enter into agreements with any group or person that would limit the production, set prices, or restrict the trade of oil, natural gas, or any other petroleum product (Sec. 102).
Declares that any foreign state violating this act is not immune under the doctrine of sovereign immunity from being tried or convicted in a US court of law (Sec. 102, 103).
Establishes a Petroleum Industry Antitrust Task Force within the Department of Justice to investigate and enforce petroleum industry issues including (Sec. 201):
Restricting refinery capacity;
Anticompetitive market control; and
Unilateral actions to withhold the supply of petroleum products to inflate prices (Sec. 201).
NOTE: THIS VOTE WAS TAKEN UNDER A SUSPENSION OF THE RULES TO CUT OFF DEBATE EARLY AND VOTE TO PASS THE BILL, THEREBY REQUIRING A TWO-THIRDS MAJORITY FOR PASSAGE.