• 3 minutes THE GREAT OIL PRICE PREDICTION CHALLENGE OF 2018
  • 7 minutes Big Oil Costs Can't Go Much Lower
  • 12 minutes China’s Oil Futures Contract Is Beginning to Show Its Teeth
  • 5 hours China Tariff Threatens U.S. LNG Boom
  • 27 mins So oil touched $80! (WTI break $71 twice). What does the future hold?
  • 47 mins Blackouts in Australia
  • 6 hours Regime For Regime: China Says Willing To Provide Venezuela With What Help It Can
  • 11 hours Famous Musk's Tweet Puts Tesla Under Criminal Investigation
  • 30 mins Global Hunger Continues to Grow Driven By Climate Change
  • 19 hours Is your name Philip? No? Too bad!
  • 1 day The moves toward 'zero-manning' in oil & gas
  • 1 day Jan's Electric bike replaces electric cars
  • 1 day Funding Secured: Saudi Wealth Fund to Invest $1 Billion in Tesla's RIval Lucid to build its EV factory
  • 1 day Making Safe Nuclear Power from Thorium
  • 1 day Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 15 hours WTI now at $70+ headed for $50s
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

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