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Thursday, July 7, 2022

Congress Looks To Challenge OPEC’s Power With Anti-Trust Legislation

Congress Looks To Challenge OPEC's Power With Anti-Trust Legislation

Investing.com – It’s called the NOPEC Act.
It means no oil producing and export cartels, and is a reference to OPEC.
The goal is allow the U.S. government to sue the oil group, or its members, for anti-trust violations over the price of .
The NOPEC Act is now under consideration again in both houses of Congress.
Sponsors say the goal is to end “illegal price fixing” by OPEC, which accounts for about one third of the world’s oil. OPEC, they say, can manipulate prices by adjusting the amount of oil it puts on the market.
Congress has advanced similar legislation before but has been thwarted by opposition from the White House.
Analysts say this effort may be different and could become law because President Trump has repeatedly criticized OPEC, calling the group a “monopoly”, while demanding it reduce oil prices.

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Source: Investing.com

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