Senate Could Consider Bill to Rein In OPEC+ After Midterms

October 25, 2022 by Dan McCue
Senate Could Consider Bill to Rein In OPEC+ After Midterms
People and media gather at the entrance of the building of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna, Austria, on Oct. 5, 2022. (AP Photo/Philipp-Moritz Jenne, File)

WASHINGTON — The Senate Judiciary Committee last week advanced a bill intended to rein in the power of OPEC+ after the oil producer group led by Saudi Arabia and Russia agreed to dramatically cut their output. 

That means if Senate Majority Leader Chuck Schumer, D-N.Y., agrees, the legislation could be debated during the already packed lame-duck session after Congress returns to Washington on Nov. 14.

The so-called No Oil Producing and Exporting Cartels Act was passed by the Judiciary panel by a 17-4 vote in May.

It is intended to protect U.S. consumers and businesses from organized spikes in the price of oil and gas by revoking the oil producers’ sovereign immunity and thereby exposing them to antitrust lawsuits in U.S. federal courts.

Sen. Chuck Grassley, R-Iowa, a sponsor of the bill, had previously attempted to attach it to the annual defense policy bill, but that effort failed.

Dan can be reached at [email protected] and @DanMcCue

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