The No Oil Producing and Exporting Cartels Act (NOPEC) would amend the Sherman Antitrust Act to disallow OPEC from evading U.S. antitrust law.
- NOPEC would enable the Department of Justice to crack down on oil market manipulation by allowing the United States to take legal action against any foreign state and/or their state-run oil companies for price fixing and other anti-competitive activities.
- Enacting NOPEC into law would combat the price-fixing, anti-competitive antics of the cartel, ensuring a free, transparent, and stable oil market with substantially reduced risk of sudden swings in price and supply.
In April 2022, 14 members of SAFE’s Energy Security Leadership Council (ESLC) – 13 retired four-star military officers plus a former service secretary – submitted a letter to the House Judiciary Committee members stating in part: “Enacting this legislation would give the government a much-needed ‘stick’ to pressure Saudi Arabia to release its spare capacity onto the global market, stabilizing oil prices as the world contends with the Russian invasion of Ukraine. The passage of NOPEC would demonstrate that the United States is serious about combatting oil market manipulation and will hold malign actors to account.”