‘NOPEC’ Anti-OPEC Bill Revived in Congress Despite Dim Chances
- Bill allowing cartel to be sued has been introduced many times
- Enactment would have wide-ranging effects beyond oil markets
An oil processing facility in the Rub' Al-Khali desert, also known as the 'Empty Quarter,' in Shaybah, Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Long-standing legislation that would allow the US to take the dramatic step of suing OPEC nations was reintroduced Wednesday by a bipartisan group of senators, though it’s not clear that the bill’s prospects are any better than they’ve been in the past.
The “No Oil Producing and Exporting Cartels Act,” also known as NOPEC, would enable the US government to sue members of the Organization of Petroleum Exporting Countries for manipulating the energy market, potentially seeking billions of dollars in reparations.