How Trump's View on OPEC May Fuel U.S. Antitrust Push

For almost two decades, lawmakers in Washington have been pushing legislation that would rein in the Organization of Petroleum Exporting Countries. Facing a near-certain presidential veto, the proposal has never crossed the finish line. Things might be different now, given President Donald Trump’s frequent tirades against OPEC for keeping oil prices too high -- the latest coming Monday -- as well as the backlash against Saudi Arabia following the murder of journalist Jamal Khashoggi.

The bill -- dubbed the "No Oil Producing and Exporting Cartels Act," or "NOPEC" -- would empower the U.S. Department of Justice to file an antitrust lawsuit against OPEC for trying to control oil production or to affect crude prices. It would do this by amending the Sherman Antitrust Act of 1890, the law used more than a century ago to break up the oil empire of John Rockefeller. Even if the Justice Department were never to act on its power to sue, the mere existence of this option might be enough to force the cartel to change its behavior.