Senate passes resolution urges review OPEC practices

COLUMBUS — The Ohio Senate unanimously passed a resolution Wednesday, sponsored Sen.Frank Hoagland, R-Mingo Junction, urging Congress and the president to take actions to counter the manipulation of oil markets by the Organization of Petroleum Exporting Countries.

“Throughout my life, it has been expressed to me how paramount it is for our nation to become energy independent,” Hoagland said. “Ohio has been blessed with an abundance of energy and natural resources and this resolution is a step in the right direction to reduce our dependency on resources from foreign countries.”

This legislation calls on Congress to urge the swift passage of House Resolution 545, a bipartisan bill that would establish a commission to investigate and address any practice on the part of OPEC that prevents or reduces competition in the global oil market.

The resolution requires the commission to do the following:

Determine whether the anti-competitive behavior of OPEC is unfavorable to United States oil producers;

Assess the impact of OPEC’s policies on the United States economic and energy security interests;

Assess how federal agencies are working to alleviate the potential negative impact of OPEC’s behavior; and

Give policy recommendations for tax, trade, defense, diplomacy, and other areas where OPEC’s behavior is found to cause an adverse impact.

Senate Concurrent Resolution 14 will now go to the Ohio House of Representatives for further consideration.

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