A bipartisan group of US senators re-introduced the NOPEC bill to the Congressional Judiciary Committee. Potentially, NOPEC will allow US authorities to file lawsuits against OPEC+ national oil companies for price fixing.
The topic has been periodically popping up for 22 years now, but every time something interferes with the adoption of the bill. However, the White House hinted last year that, amid soaring gasoline and oil prices and OPEC+’s decision to cut production by 2 million barrels a day, it might support the bill.
The closest NOPEC came to implementation was in 2007, when it passed both houses of Congress with the support of Senator Joe Biden, but was stopped due to the threat of a veto from President George W. Bush. The fact that then-Senator Joe Biden is the current President Joe Biden may now have a positive effect on the fate of the document.
