Prospects Brighten for Perennial'Nopec'Bill

摘要

A decades-old initiative aimed at enabling Washington to sue foreign state-owned fi rms for curtailing oil output or setting prices may have stronger prospects for passage in the current pricing and geopolitical landscape.The so-called"Nopec"Act-an acronym for"No Oil-Producing and Exporting Cartels"-would sever sovereign immunity shields from state-backed oil companies,opening the possibility of US lawsuits for collusion.The bipartisan bill,which tends to resurface whenever oil prices become painful for consumers,is slated for a vote on Thursday in the Senate Judiciary Committee.The Nopec legislation saw interest from lawmakers in 2019 before stalling out in both chambers of Congress,and also saw a failed House committee vote last year.However,those that have watched previous Nopec efforts fall short suggest the current backdrop of $100-plus oil prices and Opec-plus member Russia's invasion of Ukraine could lend some momentum to the bill this time around.A recent analysis by Clearview Energy Partners suggested that the bill likely passes a committee vote,and that"after nearly 22 years of failed attempts,2022 could be the year that the bill passes into law."