No Oil Producing and Exporting Cartels (NOPEC) bill

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No Oil Producing and Exporting Cartels (NOPEC) bill Blog Image

Overview:

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.

 


Source : Indian Express