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Since its inception, the Organization of the Petroleum Exporting Countries (OPEC) has leveraged its vast reserves of cheap oil to influence prices that suit its members’ needs. As the United States is the world’s largest oil consumer, the consequences of OPEC’s actions not only distort the oil market, but also disrupt U.S. policy ambitions and hurt American consumers.
Hiding behind sovereign immunity and the Act of State doctrine, OPEC and its member nations have evaded U.S. antitrust law. Bipartisan legislation recently reintroduced in Congress, however, could offer a lasting solution for American businesses and consumers. The No Oil Producing and Exporting Cartels Act (NOPEC) would amend the Sherman Act to remove the loopholes that keep OPEC from being subject to the same legal obligations that apply to all other market participants. This would give the executive branch the ability to hold the cartel accountable for its anti-competitive conduct.
Please join SAFE on Wednesday, April 10 for a panel discussion on the cost of OPEC’s actions and explores potential policy responses. The panel will address the geopolitical and legal ramifications for OPEC and its member countries if NOPEC is enacted into law.
Admiral Dennis Blair (Ret.): Former Director of National Intelligence, former Commander In Chief, U.S. Pacific Command.
Harry First: Charles L. Denison Professor of Law, New York University School of Law.
Andrew Morriss: Dean, School of Innovation & Vice President for Entrepreneurship and Economic Development, Texas A&M University
Mayor Greg Ballard: Former Mayor of Indianapolis, author of Less Oil or More Caskets: The National Security Argument for Moving Away from Oil.
Securing America's Future Energy
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