Nasdaq WASHINGTON – U.S. legislation that could open members of oil producing group OPEC+ to antitrust lawsuits has emerged as a possible tool to tackle high fuel prices, after the body said it would slash production despite lobbying by the Biden administration. The No Oil Producing and Exporting Cartels (NOPEC) bill, which passed a Senate committee 17-4 on May
From Reuters Saudi Arabia is threatening to sell its oil in currencies other than the dollar if Washington passes a bill exposing OPEC members to U.S. antitrust lawsuits, three sources familiar with Saudi energy policy said. They said the option had been discussed internally by senior Saudi energy officials in recent months. Two of the sources said the plan had
From Bloomberg OPEC is sending a clear message to Wall Street banks and big investors: if Washington passes legislation that would allow the U.S. government to sue the cartel, the first victim will be shale. Suhail Mohammed Al Mazrouei, the United Arab Emirates oil minister and the former president of OPEC, told a group of U.S. financiers Monday that if
From Reuters The U.S. energy secretary said on Thursday the United States needs to be cautious about legislation allowing the Trump administration to sue OPEC and other oil producers over supply cuts because it could have the unintended consequence of higher prices in the long term. “We need to be really careful before we pass legislation that may have an
From Reuters WASHINGTON (Reuters) – A U.S. House of Representatives committee approved a bill on Thursday that would open up the Organization of the Petroleum Exporting Countries to antitrust lawsuits, but it was uncertain if the measure would be considered by the full chamber. The House Judiciary Committee passed the bipartisan bill, known as the No Oil Producing and Exporting
Senate Takes Up NOPEC: a bill to amend the Sherman Act to make oil-producing and exporting cartels illegal may have positive reception from Pres. Trump; previous attempts to pass the bill died under veto threat by Bush, Obama Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) has introduced a bipartisan NOPEC bill in the Senate. The Senate bill comes on the
Current federal law provides that foreign governments cannot be sued for failing to comply with U.S. federal antitrust laws; NOPEC seeks to change that The No Oil Producing and Exporting Cartels Act (“NOPEC”) is quietly making its way through the U.S. House of Representatives–again. H.R.5904 – NOPEC’s latest incarnation – was introduced in May 2018 by Ohio Congressman Steve Chabot.
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