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Prohibit Venezuelan Oil Importation Act

12/29/2022, 10:03 PM

Summary of Bill HR 7207

Bill 117 hr 7207, also known as the Prohibit Venezuelan Oil Importation Act, is a piece of legislation introduced in the US Congress with the aim of prohibiting the importation of oil from Venezuela. The bill seeks to address the ongoing political and humanitarian crisis in Venezuela by cutting off a major source of revenue for the Venezuelan government.

If passed, the bill would prohibit the importation of Venezuelan oil into the United States, effectively severing a key economic lifeline for the Venezuelan government. This move is intended to increase pressure on the Venezuelan government to address the political and humanitarian crisis in the country, including widespread corruption, human rights abuses, and economic instability.

Supporters of the bill argue that cutting off Venezuelan oil imports would send a strong message to the Venezuelan government and help to support the Venezuelan people in their struggle for democracy and human rights. Critics, however, raise concerns about the potential impact of the bill on global oil prices and the US economy, as Venezuela is a significant oil producer. Overall, the Prohibit Venezuelan Oil Importation Act is a controversial piece of legislation that highlights the complex relationship between politics, economics, and human rights in the international arena. It remains to be seen how the bill will be received in Congress and what its potential implications may be for US-Venezuela relations and the global oil market.

Congressional Summary of HR 7207

Prohibit Venezuelan Oil Importation Act

This bill requires the President to prohibit the importation of petroleum products from Venezuela. Petroleum product means crude oil, residual fuel oil, or any refined petroleum product, including natural gas liquid product.

The President may modify or remove the prohibition for some or all petroleum products only if specified conditions are met. Among these conditions, the President must (1) reimplement and maintain sanctions imposed against Venezuela's state-owned oil company, Petroleos de Venezuela, S.A.; (2) renew the authorization of the Keystone XL pipeline to import oil from Canada; and (3) resume oil and gas leasing on federal land.

Additionally, the bill authorizes the President to use appropriate authorities to impose civil or criminal penalties as necessary to enforce the prohibition.

Current Status of Bill HR 7207

Bill HR 7207 is currently in the status of Bill Introduced since March 24, 2022. Bill HR 7207 was introduced during Congress 117 and was introduced to the House on March 24, 2022.  Bill HR 7207's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of March 24, 2022

Bipartisan Support of Bill HR 7207

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
0
Republican Cosponsors
8
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7207

Primary Policy Focus

Foreign Trade and International Finance

Potential Impact Areas

- Administrative law and regulatory procedures
- Air quality
- Alaska
- Arctic and polar regions
- Arizona
- Canada
- Civil actions and liability
- Coal
- Conflicts and wars
- Congressional oversight
- Energy
- Energy revenues and royalties
- Energy storage, supplies, demand
- Environmental Protection Agency (EPA)
- Environmental assessment, monitoring, research
- Environmental regulatory procedures
- Europe
- Foreign aid and international relief
- Foreign and international corporations
- Government ethics and transparency, public corruption
- Inflation and prices
- Infrastructure development
- Land use and conservation
- Latin America
- Licensing and registrations
- Marine and coastal resources, fisheries
- Metals
- Military operations and strategy
- Mining
- Minnesota
- Monuments and memorials
- Oil and gas
- Parks, recreation areas, trails
- Pipelines
- Presidents and presidential powers, Vice Presidents
- Russia
- Sanctions
- Sovereignty, recognition, national governance and status
- Strategic materials and reserves
- Trade restrictions
- U.S. and foreign investments
- Ukraine
- Utah
- Venezuela
- Water quality
- Wilderness and natural areas, wildlife refuges, wild rivers, habitats

Alternate Title(s) of Bill HR 7207

Prohibit Venezuelan Oil Importation Act
Prohibit Venezuelan Oil Importation Act
To prohibit the importation of petroleum products from Venezuela, and for other purposes.

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