US Senator Cornyn Says NOPEC Bill Not His First Choice, Better To Help Compete With OPEC

(@FahadShabbir)

US Senator Cornyn Says NOPEC Bill Not His First Choice, Better to Help Compete With OPEC

US Senator John Cornyn said on Friday that litigating under the US No Oil Producing and Exporting Cartels Act (NOPEC) would not be his first choice in addressing oil production and prices of the Organization of the Petroleum Exporting Countries (OPEC), and a better way would be to help compete with the oil cartel

HOUSTON (UrduPoint News / Sputnik - 16th March, 2019) US Senator John Cornyn said on Friday that litigating under the US No Oil Producing and Exporting Cartels Act (NOPEC) would not be his first choice in addressing oil production and prices of the Organization of the Petroleum Exporting Countries (OPEC), and a better way would be to help compete with the oil cartel.

"That's certainly would not be my first choice as to facilitate international litigation," Cornyn said at the CERAWeek energy conference. "I think there is a better way to deal with that. I think we just need to help compete with OPEC."

On February 7, the US House of Representatives Judiciary Committee approved NOPEC, which seeks to extend US antitrust laws to OPEC member states.

The legislation focuses on the issue of coordinating oil production and therefore influencing oil prices.

According to reports, NOPEC would eliminate sovereign immunity and the "Act of State" doctrine that now prevents US courts from ruling on price fixing and other antitrust charges against foreign governments.

Also in February, lawmakers on the US Senate Judiciary Committee led by Chuck Grassley introduced a similar bipartisan bill to extend US antitrust laws to nations in the OPEC oil cartel.

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