Speculations are rising that US President Donald Trump would endorse a new Congress bill that would authorize Washington to file antitrust lawsuits against oil producers over allegations of “price fixing”.
Last week, the US Senate introduced a bill, the No Oil Producing and Exporting Cartels Act (NOPEC), which could expose the Organization of Petroleum Exporting Countries (OPEC) to antitrust lawsuits.
The bill would be meant to bring an end to efforts by the OPEC, Russia and other non-OPEC oil producers to stabilize the global crude market, according to a report by Russia’s Sputnik news agency.
To the same degree, concerns are already rising among oil producers that the bill would foil their efforts to stabilize prices as signs already indicate that US President Donald Trump already has a sympathetic ear to the Congress over approving NOPEC.
US Senator Chuck Grassley, a co-sponsor of the legislation, was quoted by media as saying that…