• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Reality catching up with EV forecasts
  • 5 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 5 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 10 days The Federal Reserve and Money...Aspects which are not widely known
  • 15 days US Oil Independence is a myth and will always be a myth
  • 15 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Sodium-Ion Batteries Just Got More Competitive

Sodium-Ion Batteries Just Got More Competitive

Researchers at Pusan National University…

API Opposed To U.S. Bill Allowing Antitrust Lawsuits Against OPEC

A bill that would pave the way for the U.S. to sue OPEC members and its allies under antitrust laws could have an unintended negative impact on America’s oil and gas industry, the American Petroleum Institute (API) said in a letter seen by Reuters.

The so-called No Oil Producing and Exporting Cartels Act (NOPEC) has been an on-and-off topic for U.S. lawmakers and Administrations for nearly two decades but has never moved past discussions at committees in Congress. 

Now, with gasoline prices in the United States hitting their highest levels since 2014, the NOPEC legislation is again under discussion among lawmakers. 

ADVERTISEMENT

Last week, Senator Chuck Grassley (R-Iowa), a Senate Judiciary Committee Ranking Member, said that the bipartisan NOPEC bill was scheduled for consideration at the Senate Judiciary Committee this week. 

“Begging oil cartels for help is not the answer to combatting sky high ga$ price$,” Senator Grassley said on Twitter, adding that “We should hold cartels accountable for price-fixing/market manipulation.”

ADVERTISEMENT

The bill was again introduced last year by Senator Grassley and Senators Amy Klobuchar (D-Minn.), Mike Lee (R-Utah) and Patrick Leahy (D-Vt.). NOPEC legislation was advanced in the House Judiciary Committee earlier in 2021. 

Now, however, the API, the most influential U.S. oil trade group and lobby, is voicing its opposition to the legislation, arguing that it could have negative consequences for the U.S. oil industry with limited impact on bringing down gasoline prices in America.

“Legislative efforts that strengthen American energy production would be the best approach to ensure market stability and protect America's energy security,” the API wrote in the letter dated Friday and addressed to the chair and ranking member of the Senate Judiciary Committee.

As of May 2, the national average U.S. price of a gallon of regular gasoline was $4.194, per AAA data. That’s up from $4.123 a week ago and slightly down from $4.20 a month ago, but significantly higher than $2.901/gallon at this time last year.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

ADVERTISEMENT


ADVERTISEMENT


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News