U.S. Anti-OPEC Efforts Fading as Cartel’s Influence Seen Waning
- Little progress on so-called NOPEC bill introduced last year
- Rising oil prices ahead of election could sway Trump
Photographer: Andrey Rudakov/Bloomberg
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U.S. efforts to rein in OPEC’s influence over global oil markets are losing momentum as the Trump administration takes a wait-and-see approach to energy prices.
While supporters of a bill that would open OPEC to possible U.S. antitrust action thought they’d found a cheerleader in Donald Trump, the current view within the White House is that OPEC’s clout is already waning and there’s no pressing need for action, according to an official who spoke on condition of anonymity. Unless there’s a sudden and protracted spike in prices, that isn’t likely to change.