Opec backlash brews as US lawmakers eye 1890 law as club
WASHINGTON (BLOOMBERG) - Some US lawmakers are seizing on the energy price surge to revive long-standing legislation that would subject the Opec oil cartel to the same antitrust laws used more than century ago to break up Standard Oil's monopoly. The "No Oil Producing and Exporting Cartels Act" - known as NOpec - would allow the US government to sue members of the Organization of Petroleum Exporting Countries for manipulating the energy market, potentially seeking billions of dollars in reparations. The legislation faces difficult odds amid concerns about diplomatic fallout that has led the State Department to oppose it in the past. But the House Judiciary Committee did approve the latest iteration by a voice vote in April. A Senate version has attracted sponsors from across the political spectrum, from Iowa's conservative Republican Chuck Grassley to Vermont's liberal Democrat Patrick Leahy. No floor votes have been scheduled. "We've been talking to a number of members about it," Mr Leahy said in an interview on Wednesday (Nov 17). He said he intended to discuss the legislation in a floor speech. While Opec hasn't set prices since the 1980s, its members periodically agree to boost...
