NOPEC(No Oil Producing and Exporting Cartels)Bill:
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.
- 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.