Proponents of a bill that seeks to prohibit OPEC producers and its allies from coordinating production and influencing prices are hoping the third time is the charm as they seek to advance legislation that’s languished in Congress for nearly two decades.
Members of the Senate Judiciary Committee voted Thursday to approve a bill known as NOPEC, the No Oil Producing and Exporting Cartels Act, which would enable the U.S. government to sue OPEC or OPEC+ members for violating antitrust law and trying to control oil production.The bill, sponsored by Sens. Chuck Grassley and Amy Klobuchar , advanced to the full chamber for a vote Thursday after members of the committee voted 17-4 to approve it.
The effort has long been unpopular in the White House. But it has moved in Congress at least twice before. The full House and Senate last advanced the NOPEC legislation in 2007, but it stalled under veto threat by then-President George W. Bush. Former President Barack Obama also opposed the legislation.
But some lawmakers and industry groups have warned that the legislation, intended to protect U.S. consumers and companies, could have intended consequences — and risks backfiring on domestic oil and gas producers as well.
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