Expresses the congressional intention that the President initiate negotiations with other oil importing nations to establish a Council of Oil Importing Nations to negotiate for reasonable oil prices with the Organization of Petroleum Exporting Countries. Directs the President to develop and submit to such Council a set of appropriate sanctions to be used by such Council to encourage compliance with negotiated oil prices. Requires the President to report to Congress concerning progress with such negotiations.
Referred to House Committee on Foreign Affairs.
Introduced in Senate
Referred to Senate Committee on Foreign Relations.
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