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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
3/6/2000--Introduced. Oil Price Reduction Act of 2000 - Declares it to be U.S. policy: (1) to determine the political, economic, and security relations of the United States with the major net oil exporting countries according to whether they engage in oil price fixing; and (2) to work multilaterally with other countries that are major net oil importers to bring about the complete dismantlement of international oil price fixing arrangements.Directs the President to report to Congress with respect to: (1) the overall economic and security relationship between the United States and each major net oil exporting country (including Organization of Petroleum Exporting Countries (OPEC) countries); (2) the effect that coordination among such countries with respect to oil production and pricing has had on the U.S. economy and global energy supplies; (3) information on all assistance programs under the Foreign Assistance Act of 1961 and the Arms Export Control Act (including licenses for the export of defense articles and defense services) provided to such countries; and (4) whether or not each country is engaging in oil price fixing to the detriment of the U.S. economy.Requires the President, pursuant to such report, to reduce, suspend, or terminate such assistance to each country determined by the President to be engaged in oil price fixing to the detriment of the U.S. economy.Expresses the sense of Congress that the United States should continue to undertake a diplomatic campaign to convince: (1) all major net oil exporting countries that the current oil price levels are unsustainable and will negatively affect global economic growth rates in oil consuming and developing countries; and (2) other major net oil importing countries to join in multilateral efforts to bring about the complete dismantlement of international oil price fixing arrangements. Requires the President to report to Congress with respect to such diplomatic efforts.