Can NOPEC Kill OPEC?

"U.S. lawmakers have resurrected the so-called “No Oil Producing and Exporting Cartels Act,” or NOPEC, which proposes making the cartel subject to the Sherman antitrust law, used more than a century ago to break up the oil empire of John Rockefeller.

The bill was reintroduced in late May and cleared its first legislative hurdle last week when the House Judiciary Committee quickly sent it to floor deliberation. It would allow the U.S. government to sue OPEC for manipulating the energy market, potentially seeking billions of dollars in reparations."

Juicy stuff.

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The U.S. trying to enforce a U.S. law on the rest of the world should have amusing results.

Conversely, if Saudi Arabia tried to enforce a Saudi law on the rest of the world, the results might be equally amusing.

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I know, right? We don't need soap operas when real-world drama is so good.

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What might happen because of this is that GCC may withdraw from petrodollars. That will cause serious problem to USA economy. Why would anyone sell oil for dollars? What value do dollars have? Oil is usable but dollars are just printed bills.

This appears to be extremely foolish idea. Who is the genius who got this NOPEC idea?

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4 hours ago, Bhimsen Pachawry said:

What might happen because of this is that GCC may withdraw from petrodollars. That will cause serious problem to USA economy. Why would anyone sell oil for dollars? What value do dollars have? Oil is usable but dollars are just printed bills.

This appears to be extremely foolish idea. Who is the genius who got this NOPEC idea?

Good point.

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