No Oil Producing and Exporting Cartels (NOPEC) bill
Oct. 7, 2022
NOPEC bill, the 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.
About:
NOPEC bill, which passed a Senate committee 17-4 on May 5, is intended to protect U.S. consumers and businesses from engineered oil spikes.
The bipartisan NOPEC bill would tweak U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits.
If signed into law, the S. attorney general would gain the option to sue the oil cartel or its members, such as Saudi Arabia, in federal court.
It is unclear exactly how a federal court could enforce judicial antitrust decisions against a foreign nation.
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