Home Local News GRASSLEY PROPOSES “NOPEC” BILL

GRASSLEY PROPOSES “NOPEC” BILL

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A BILL SPONSORED BY SENATOR CHUCK GRASSLEY WOULD LAY THE GROUNDWORK FOR ANTI-TRUST LAWSUITS AGAINST MEMBERS OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES — OR OPEC.

NOPEC1 OC……..THE UNITED STATES.” :15

THE BILL WOULD REVOKE THE IMMUNITY COUNTRIES IN OPEC HAVE HAD FROM LAWSUITS IN THE UNITED STATES.

THE U.S. ATTORNEY GENERAL COULD THEN SUE SAUDI ARABIA AND THE OTHER 12 COUNTRIES THAT ARE OPEC MEMBERS IN FEDERAL COURT.

NOPEC2 OC……….INFLATES OIL PRICES.” :07

THE BILL CLEARED THE SENATE JUDICIARY COMMITTEE THURSDAY.

FEDERAL ANTI-TRUST LAWS GIVE COURTS AUTHORITY TO DETERMINE WHEN AMERICAN BUSINESSES HAVE ACTED ILLEGALLY, BUT IT’S UNCLEAR HOW A U.S. COURT WOULD BE ABLE TO ENFORCE A GUILTY VERDICT AGAINST A FOREIGN COUNTRY.