Congress sees unprecedented opportunity to confront OPEC
For the first time since OPEC’s formation, both the White House and Congress appear to be on the same page when it comes to suing the oil cartel for violating the US antitrust law.
Long a political punching bag, the OPEC oil cartel could soon find itself in the unenviable position of fending off US antitrust lawsuits — thanks to an unprecedented convergence of views between the White House and Congress.
Congress has attempted to pass the bipartisan No Oil Producing and Exporting Cartels Act — nicknamed NOPEC — since 2000, only to have its efforts repeatedly stymied by the George W. Bush and Barack Obama administrations.
But President Donald Trump’s endorsement of the bill, coupled with a supportive official overseeing the Justice Department’s antitrust division, could mean that the bill now has an actual shot at becoming law. Should that happen, it would threaten US allies and adversaries alike with a wide array of trust-busting lawsuits by stripping them of protection under the Foreign Sovereign Immunities Act.
Following testimony before a House Judiciary panel on Wednesday, Assistant Attorney General Makan Delrahim hinted that he supports the bill’s underlying objectives.
