Washington, D.C.—Ahead of a White House meeting between President Trump and American oil executives tomorrow, Securing America’s Future Energy (SAFE) has released an issue brief calling on policymakers to reiterate the United States’ commitment to free and fair markets—with passing the No Oil Producing and Exporting Cartels Act (NOPEC) as a strong first step.
The issue brief, “NOPEC: Providing A Tool To Counter The OPEC Cartel,” makes the case that the United States is the key beneficiary when markets are transparent, and suffers the most when markets—such as the global oil market—are opaque, manipulated and unfair. Before becoming President, Donald Trump called for NOPEC’s enactment in his 2011 book “Time to Get Tough.”
“OPEC’s actions have routinely targeted the United States or have been executed with no consideration to the damage their decisions would have on our economy. The threat of NOPEC has already changed behavior among the cartel, but it is time to pass the legislation that would provide real leverage to our President and government,” said Robbie Diamond, President and CEO of SAFE.
Described by antitrust scholars in an independent 2019 white paper commissioned by SAFE as a “relatively moderate” legislation, swift passage of 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.
“Trying to placate these regimes has proven unsuccessful for half a century. Perhaps it’s time we tried using a stick instead of offering a carrot,” Diamond added.
About Securing America’s Future Energy
Securing America’s Future Energy (SAFE) is an action-oriented, nonpartisan organization that aims to reduce America’s dependence on oil. Near-total dependence on petroleum in the transportation sector undermines the nation’s economic and national security, and constrains U.S. foreign policy. To combat these threats, SAFE advocates for expanded domestic production of U.S. oil and gas resources, continued improvements in vehicle fuel efficiency, and transportation sector innovations including electric vehicles, natural gas trucks, and autonomous vehicles. In 2006, SAFE joined with General P.X. Kelley (Ret.), 28th Commandant of the U.S. Marine Corps, and Frederick W. Smith, Chairman, President, and CEO of FedEx Corporation, to form the Energy Security Leadership Council (ESLC), a group of business and former military leaders committed to reducing the United States’ dependence on oil. Today, the ESLC is co-chaired by Frederick W. Smith and General James T. Conway (Ret), 34th Commandant of the U.S. Marine Corps.