Washington, D.C. – After reports that Saudi Arabia will not imminently boost oil production on the heels of President Biden’s visit, SAFE President and CEO Robbie Diamond made the following statement:
“It’s no surprise the Saudi-led OPEC cartel is once again playing dirty. With exorbitant gas prices here at home it’s time for the U.S. to get serious about combatting oil market manipulation and pass the bipartisan No Oil Producing and Exporting Cartels Act (NOPEC). The recent Saudi decision to continue to restrict oil production and rake in enormous profits at the expense of a worldwide oil shortage again proves that the price manipulation of the oil market must be stopped. NOPEC would give President Biden the powerful tool he needs to hold the Saudi’s and OPEC accountable for their price-fixing and anti-competitive actions which greatly impact the American people and fuel the Russian war machine. Enough is enough. It’s time to end the corrupt actions of this cartel.”
NOPEC would amend the Sherman Act to allow the executive branch to prevent OPEC from using a sovereign immunity defense and the Act of State doctrine to evade U.S. antitrust law. Learn more about SAFE’s long-standing support of NOPEC and recent action here.
SAFE enhances the nation’s energy security and supports our economic resurgence and resiliency, by advancing transformative transportation and mobility technologies and ensuring that the United States secures key aspects of the technology supply chain to achieve and maintain our strategic advantage.
In partnership with the Electrification Coalition, SAFE’s sister organization, we work with consumers, businesses, and policymakers, to launch award-winning “real-world” programs and enable the needed polices to accelerate transportation electrification around the country to reduce our Nation’s dependence on oil.