Republican U.S. senator seeks to advance bill pressuring OPEC+




  • In Politics
  • 2022-10-06 21:40:38Z
  • By Reuters
 

WASHINGTON (Reuters) -Republican U.S. Senator Chuck Grassley said on Thursday he will try to add his bill pressuring OPEC+ to an annual defense policy bill after the group this week announced an oil production cut.

Grassley's legislation, called NOPEC, easily passed the Senate Judiciary Committee in May with support from Democrats including Senator Amy Klobuchar, a former presidential candidate, who cosponsored the bill.

NOPEC has gained interest after OPEC+ decided on Wednesday to cut oil production by 2 million barrels per day despite tight global supplies worsened by Russia's war in Ukraine.

If passed by both chambers of Congress and signed by President Joe Biden, NOPEC would change U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits. It would give the U.S. attorney general the option to sue the oil cartel or its members, such as Saudi Arabia or Russia, in federal court.

"OPEC and its partners have ignored President Biden's pleas for increased output, and now they are colluding to reduce production and further raise global oil prices," Grassley said in a statement. "We should at least be able to hold them accountable for their unfair price fixing," he said.

Grassley intends to attach NOPEC as an amendment to the forthcoming National Defense Authorization Act. It was uncertain whether he would be able to gain enough support for the amendment to pass. Congress is unlikely to tackle major legislation until after the Nov. 8 midterm elections.

Klobuchar's office did not immediately respond to requests for comment.

The White House said on Wednesday it would consult with Congress on "additional tools and authorities" to reduce OPEC+'s control over energy prices, an apparent reference to possible support for NOPEC. The White House had previously raised concerns about the bill.

Grassley complained in his statement that Biden has pursued policies that have limited or discouraged domestic fossil fuel production "making us more reliant on foreign oil producers."

(Reporting by Timothy Gardner; additional reporting by Kanishka Singh, Editing by Leslie Adler and Sandra Maler)

COMMENTS

More Related News

'Waste, fraud, abuse': GOP lawmaker says House committee will investigate COVID spending

Some Republican lawmakers also said the next Congress will investigate President Joe Biden's family and the withdrawal in Afghanistan.

President & First Lady Call Club Q Owners to Offer Their Condolences
President & First Lady Call Club Q Owners to Offer Their Condolences
  • US
  • 2022-11-26 16:09:11Z

The mass shooting at Club Q in Colorado Springs left five people dead.

Orlando Congressman-elect Maxwell Frost, 25, knows tough road ahead in GOP-led House
Orlando Congressman-elect Maxwell Frost, 25, knows tough road ahead in GOP-led House

Incoming U.S. Rep. Maxwell Frost has suddenly become one of the most prominent members of his generation. But like many other 25-year-olds, he's still...

US Bans Huawei, ZTE Telecom Equipment on Data-Security Risk
US Bans Huawei, ZTE Telecom Equipment on Data-Security Risk

(Bloomberg) -- Huawei Technologies Co. and ZTE Corp. were banned from selling electronics in the US by regulators who say they pose a security risk...

US FCC bans sales, import of Chinese tech from Huawei, ZTE
US FCC bans sales, import of Chinese tech from Huawei, ZTE

The U.S. is banning the sale of communications equipment made by Chinese companies Huawei and ZTE and restricting the use of some China-made video...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: Politics