Rep. Steve Chabot (R-OH01) Introduces H.R 948
Representative Steve Chabot (R-OH01) introduced a bill that would allow members of Oil Producing Exporting Countries (OPEC) to be sued for collusion under United States anti-trust law. Proponents of the bill, colloquially known as N.O.P.E.C (No Oil Producing & Exporting Cartels Act), say that such legislation would prevent OPEC member nations from manipulating global oil prices. However, opponents of the legislation say that such a move would counter longstanding principles of sovereign immunity.
Legislation similar to NOPEC has been circulating for years, however the advent of President Trump seems to have given new steam to such efforts given his past criticisms of OPEC, in which he accused the body of keeping the price of oil artificially high.
Should the bill pass, it would have large repercussions for all oil-exporting nations, companies and investors involved in this business.