Protecting American Households From Rising Energy Costs Act of 2024

This bill bans U.S. exports of liquefied natural gas and petroleum products to entities controlled by China, Russia, North Korea, or Iran, unless the Energy Secretary grants a national security waiver. Exporters seeking waivers must apply to the Energy Secretary, who may only approve them if they determine the waiver serves U.S. national security interests, and must notify Congress within 15 days. Violating these export restrictions carries civil penalties of up to $250 million or twice the transaction value, and criminal penalties of up to $100 million fines or 20 years in prison. The law directly affects U.S. energy exporters and foreign entities in the specified countries.