A bill to cancel Federal oil and gas leases held by persons that manipulate the market price of oil or gas in violation of Federal law, and for other purposes.
Latest Action
Read twice and referred to the Committee on Energy and Natural Resources.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This Senate bill, introduced in the 118th Congress, proposes to cancel federal oil and gas leases held by individuals or entities found to manipulate the market price of oil or gas in violation of federal law. The bill aims to address market manipulation by imposing lease cancellation as a penalty, thereby potentially deterring unlawful activities that affect energy markets. The bill was read twice and referred to the Senate Committee on Energy and Natural Resources but ultimately failed or expired without further legislative action. No full text or detailed summary is available.
The bill sought to cancel federal oil and gas leases from market manipulators but did not advance beyond committee referral and expired.
- Targets cancellation of federal oil and gas leases for market price manipulation violations.
- Applies to persons holding leases who violate federal laws related to oil and gas market manipulation.
- Referred to the Senate Committee on Energy and Natural Resources but did not progress further.
['Federal government agencies responsible for energy regulation and enforcement', 'Energy market participants seeking fair market conditions', 'Consumers potentially affected by oil and gas price manipulation']
['Implementation challenges in proving market manipulation and enforcing lease cancellations', 'Potential legal and administrative costs associated with lease cancellations', 'Oversight mechanisms and authority to identify and act against violators are not detailed', 'Impact on leaseholders and the oil and gas industry due to lease cancellations']
The bill was introduced in the Senate during the 118th Congress and referred to the Committee on Energy and Natural Resources. It addresses concerns about market manipulation in the energy sector, a topic of ongoing legislative and regulatory interest. The bill did not advance beyond committee referral and is classified as failed or expired as of the latest update in July 2024.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential deterrence of market manipulation activities by increasing penalties through lease cancellations.', 'Possible increased scrutiny and regulatory oversight of oil and gas leaseholders.', 'Economic impacts on leaseholders who may face lease cancellations, potentially affecting oil and gas production and supply.']
The absence of a full bill text and official summary limits detailed analysis. Key transparency considerations include the need for clear definitions of market manipulation, enforcement authority, and procedural safeguards for lease cancellations. Oversight mechanisms and cost implications for federal agencies and leaseholders are not detailed, which are critical for assessing the bill's practical impact.
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