'Nopec' emerges again as US answer to Opec

The Straits Times LogoThe Straits Times1 mo ago

'Nopec' emerges again as US answer to Opec - The Straits Times

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October 06, 2022 8:21 AM - WASHINGTON - United States legislation that could open members of Opec+ to antitrust lawsuits has emerged as a possible tool to tackle high fuel prices, after the oil cartel said it would slash production despite lobbying by the Biden administration.

ClearView Energy Partners, a nonpartisan research group, said Nopec, if introduced to the Senate floor, would likely get the 60 votes needed to pass the 100-member chamber.

In addition, the kingdom and other oil producers could limit US investments in their countries or simply raise their prices for oil sold into the US - undermining the basic aim of the bill.

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Category: Economy



Source Website Secure: Yes (HTTPS)

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Article Type: News Report

Published On: 2022-10-06 @ 08:21:51 (1 months ago)

News Timezone: GMT +8:00

Ranking: #3139 (out of 3321 stories this day)

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Language: English

Article Length: 810 words

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Sentences: 37 lines

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Copyright Owner: © The Straits Times

News ID: 749803

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