COLUMBUS - 

The Ohio House of Representatives today passed legislation that urges the federal government to counter the manipulation of the oil market by the Organization of Petroleum Exporting Countries (OPEC).


Ohio House Concurrent Resolution 16 expresses support for HR 545, legislation introduced in Congress that would create the United States Commission on the Organization of Petroleum Exporting Countries. If passed and signed into law, the Commission would be tasked with investigating and addressing practices on the part of OPEC that prevent or reduce competition in the global oil market.


“The decline in shale production would seem to have been impacted by OPEC production. We want to encourage the current administration and Congress to pursue answers regarding market manipulation,” said Rep. Andy Thompson (R-Marietta), who sponsored the resolution.


HCR 16 accuses OPEC of deliberately and routinely influencing the price of oil by manipulating global supply, including in 2014 when oil prices fell as OPEC maintained high production in response to growing shale production in the United States. This manipulation has resulted in a 24.5-percent loss in jobs in the Ohio oil and gas sector between 2014 and 2015. In the first three months of 2016, the number of oil rigs in Ohio fell 74 percent.

 
 
 
  
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