|Posted:||October 10, 2017 02:16 PM|
|From:||Senator Patrick J. Stefano|
|To:||All Senate members|
|Subject:||OPEC Cartel Market Manipulation|
|In the near future, I plan to introduce a resolution supporting H.R.545, United States Commission on the Organization of Petroleum Exporting Countries Act of 2017, of the 115th Congress.
Currently, oil is traded on an unfree global market, and therefore, is able to be manipulated by the Organization of Petroleum Exporting Countries (OPEC) and other national oil companies whose actions have an impact on America’s economy and national security. In November of 2016, OPEC cut oil production, which has increased its cost by roughly forty percent in the U.S.
Just last year, more than forty shale American oil and gas companies were forced into bankruptcy. It is suspected that OPEC has been manipulating the market in order to cause these bankruptcies. Oil fuels ninety-two percent of the transportation industry in America, which is a two-trillion dollar business every year. Our Commonwealth is home to the Marcellus Shale formation, an enormous resource, which would aid in supporting America’s energy independence, as well as contributing to our economy. It is estimated that thousands of jobs in the Commonwealth have been lost due to the manipulation of OPEC.
H.R.545 would establish the United States Commission on the Organization of Petroleum Exporting Countries for one year, in order that it may investigate, and address any practices on the part of OPEC that prevent or reduce competition in the global oil market. The Commission would be comprised of a bipartisan group of 16 experts tasked with assessing whether the cartel’s actions are designed to disadvantage U.S. oil producers and secure market power, which endanger the U.S. economy and energy security interests.
I ask that you join me in supporting H.R.545 in order to defend our American interests, economy, and security. If you have any questions regarding this information, please contact my office at 717.787.7175
Introduced as SR236