Posted on 05/05/2022 11:20:26 AM PDT by thegagline
The U.S. Senate Judiciary Committee has approved the No Oil Producing and Exporting Cartels Act (NOPEC) bill, Reuters reports, paving the way–if signed into law by the president–for a lawsuit against OPEC for antitrust behavior and market manipulation.
The Thursday vote saw the U.S. Senate panel come out in favor of NOPEC, which has been on and off the table for decades, failing to get past Congressional committees until recently, when gasoline prices in the U.S. have maintained all-time highs.
It is still unclear whether the bill, approved by the Senate panel, will move on to the Senate or to U.S. President Joe Biden. It is also unclear whether Biden would sign this legislation into law.
Opposition to NOPEC by major trade groups, including the U.S. Chamber of Commerce and the American Petroleum Institute (API) has intensified in recent weeks and months. They fear it could backfire on America’s oil and gas industry and U.S. interests.
The vote comes at a tense time for U.S-Saudi relations, with Saudi Arabia making it very publicly known–through interviews and op-eds–that it is unhappy with the lack of support offered by the Biden Administration for Saudi defense against Iran-backed Houthis in Yemen, despite the threat Houthi attacks pose to Saudi oil facilities.
On Wednesday, the Wall Street Journal published a story headlined “U.S. Saudi Relations Finally Start to Thaw”, but a NOPEC vote that would make it possible for the United States to sue OPEC is likely to have a detrimental effect on that alleged thaw.
(Excerpt) Read more at oilprice.com ...
Are we claiming universal jurisdiction over all the earth now?
The Democrats loved the Carter administration so much they have decided to double down with a redo.
The New Wilsonians—make the world safe for perverts.
Misleading headline. Senate didn’t pass it, a committee passed it.
To MAGA do nothing to support the Communists now in power!
They fear it could backfire on America’s oil and gas industry and U.S. interests.
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Two minutes of thought should let anyone see that one coming.
Apparently, The Joek’s dementia is catching...
odd. When Trump was president, the US was an oil EXPORTER; thus OPEC had no power over us....
Sounds like they think 1973-1974 was the “Good Old Times” they’d like to revisit. X.x
Team America:World Police.🙄
OPEC s not he cause of high gas prices and the runaway inflation. Biden is the cause and his anti-Trump actions.
Gotta wonder about these idiots sometimes
It’s amazing how hard they’re trying to completely destroy this nation.
The US Senate is a gaggle of idiot clowns.
This will go nowhere...
—”Gotta wonder about these idiots sometimes”
Idiots, yes; wonder not so much.
They want to tag any nonsupporters as supporting higher oil prices.
Gas is $7.00 a gallon because ... they... support OPEC.
Incredible idiotic...
All this does is justify the Biden administration blaming
energy price hikes on anyone other than Biden himself.
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