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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.