Ortitay Introduces Resolution Involving Competition in Global Oil Market
11/2/2017
HARRISBURG – Rep. Jason Ortitay (R-Washington/Allegheny) today introduced a House resolution supporting a U.S. House of Representatives bill to create the U.S. Commission on the Organization of Petroleum Exporting Countries.

H.R. 545, introduced in Congress in January, would create the commission for a year in order to investigate and address any practices on the part of the Organization of Petroleum Exporting Countries (OPEC) that prevent or reduce competition in the global oil market.

“I believe OPEC has been withholding and increasing production of oil to the detriment of the United States and our economy,” Ortitay said. “In 2015, 40 American shale oil and gas companies were forced into bankruptcy after OPEC did not cut production to stabilize prices during a market downturn. It is suspected OPEC manipulated the market in order to cause these bankruptcies to prevent competition. As Pennsylvania is home to the Marcellus Shale formation, which is an enormous resource and aids the nation’s energy independence, OPEC’s actions can significantly affect the Commonwealth’s economy and employment. I’m hopeful my House Resolution 592 will spur action by Congress on this important legislation.”

Currently, oil is traded on an unfree global market, and therefore, is able to be manipulated by OPEC and other national oil companies whose actions have an impact on America’s economy and national security. Last November, OPEC cut oil production, which has increased its cost by roughly 40 percent in the United States. Oil fuels 92 percent of the transportation industry in America, which is a $2 trillion business every year. Rising oil prices increase costs on transportation companies, which eventually trickles down to the consumer.

Under H.R. 545, the commission would be comprised of a bipartisan group of 16 experts tasked with assessing whether OPEC’s actions are designed to disadvantage U.S. oil producers and secure market power, which endangers the U.S. economy and energy security interests.

The 46th Legislative District includes Collier and South Fayette townships and Bridgeville, Heidelberg, McDonald and Oakdale boroughs in Allegheny County. It also encompasses Canton, Cecil, Mt. Pleasant, Robinson and Smith townships and Burgettstown, McDonald and Midway boroughs in Washington County.

Representative Jason Ortitay
46th Legislative District
Pennsylvania House of Representatives

Media Contact: Tracy Polovick
717.260.6358
tpolovick@pahousegop.com
RepOrtitay.com / Facebook.com/RepOrtitay



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