The bill is intended to protect U.S. consumers and businesses from engineered spikes in the cost of gasoline and heating oil.
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File PhotoWASHINGTON, May 5 - A U.S. Senate committee is expected to pass a bill on Thursday that could open members of the Organization of the Petroleum Exporting Countries and its partners to antitrust lawsuits for orchestrating supply cuts that raise global crude prices.
It is unclear exactly how a federal court could enforce judicial antitrust decisions against a foreign nation. But several attempts at NOPEC over more than two decades have worried OPEC's de facto leader Saudi Arabia, leading Riyadh to lobby hard every time a version of the bill has come up.To become law, the bill would then have to pass the full Senate and House and be signed by the president.
But anger has risen lately in the U.S. Congress about soaring gasoline prices that have helped fuel inflation to the highest level in decades, raising the chances of its success this time. "It's always a bad idea to make policy when you are angry," said Mark Finley, a fellow in energy and global oil at Rice University's Baker Institute and former analyst and manager at the Central Intelligence Agency.In 2019, for example, Saudi Arabia threatened to sell its oil in currencies other than the dollar if Washington passed a version of the NOPEC bill.
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