• 4 minutes Get First Access To The Oilprice App!
  • 7 minutes Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 37 mins Is Natural Gas Renewable? I say yes it is.
  • 9 hours Oceans "Under Fire" Of Plastic Trash
  • 2 hours Making Fun of EV Owners: ICE-ing Trend?
  • 1 hour Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 19 mins Renewables in US Set for Fast Growth
  • 11 hours Algorithms Taking Over Oil Fields
  • 14 hours Europe Slipping into Recession?
  • 40 mins Socialists want to exorcise the O&G demon by 2030
  • 12 mins Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 18 hours Nuclear Power Can Be Green – But At A Price
  • 8 hours Orphan Wells
  • 16 hours UK, Stay in EU, Says Tusk
This Is How Much Each OPEC+ Member Needs To Cut

This Is How Much Each OPEC+ Member Needs To Cut

OPEC published the list of…

Hitachi Halts Nuclear Megaproject In The UK

Hitachi Halts Nuclear Megaproject In The UK

In what could be another…

Saudis Hire Ex U.S. Solicitor General To Campaign Against NOPEC Bill

lawfirm

Saudi Arabia, OPEC’s largest producer and de facto leader, has hired former U.S. Solicitor General Ted Olson, now partner law firm Gibson, Dunn & Crutcher LLP, to lobby against proposed U.S. legislation—the so-called NOPEC Act—that could pave the way to antitrust lawsuits in the U.S. against the cartel and its national oil companies.

According to a Registration Statement filed with the U.S. Department of Justice last week, Olson—who was Solicitor General of the United States in 2001-2004—and two other lawyers at the firm, have been retained by the Embassy of the Kingdom of Saudi Arabia to prepare and disseminate information materials.

The Embassy of Saudi Arabia has paid a US$250,000 fee for services, and according to Bloomberg, it would pay another US$100,000 monthly, if the law firm will lobby against the NOPEC bill in meetings with legislators.

The law firm will carry out a legal analysis of the bill and write an op-ed against it, and could also lobby Congress members and their staff, Bloomberg reports.

Forms of antitrust legislation aimed at OPEC were discussed at various times under Presidents George W. Bush and Barack Obama, but they both threatened to veto such legislation.

In May this year, the No Oil Producing and Exporting Cartels (NOPEC) Act was introduced again. Such legislation would make OPEC subject to antitrust law by removing a state immunity shield created by judicial precedent.

“When acting collectively, OPEC can greatly influence crude oil prices—the largest single determinant of retail gas prices—touching almost every aspect of Americans’ daily lives,” House Judiciary Committee Ranking Member Jerry Nadler (D-N.Y.) said.

“Because of a series of court decisions, however, U.S. antitrust enforcers are unable to protect American consumers and businesses from the direct harm caused by OPEC’s blatantly anti-competitive conduct. The NOPEC Act directly addresses these decisions by amending procedural law and expressly authorizing the Justice Department to pursue antitrust litigation against OPEC members, should it choose to do so.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News