Now that the economic stimulus package has been passed by Congress, the next course of action is to ensure that companies such as OPEC do not try to take advantage of the situation. Apparently, one concern would be oil price manipulation to which NOPEC or the “No Oil Exporting and Producing Cartels Act” should likewise be pushed.
“It should go hand in hand, stimulating the economy and establishing safeguards to protect us from OPEC’s manipulating the price of oil to squeeze more money out of the American consumer’s pocket,” says John W. Rich, Jr. “By cutting production OPEC can force us to spend more on oil imports turning our stimulus dollars into a direct export to their bank accounts. We need to take action to prevent OPEC from siphoning off our stimulus dollars.”
Rich believes that Congress should pass the “No Oil Exporting and Producing Cartels Act (NOPEC),” introduced last month by Senator Arlen Specter of Pennsylvania and Herb Kohl of Wisconsin. NOPEC is also supported by Pennsylvania Representative Tim Holden and Senator Bob Casey Jr. NOPEC would stipulate that OPEC’s price and production manipulation is commercial activity subject to U.S. anti-trust laws. NOPEC also clarifies that OPEC members are subject to the jurisdiction of U.S. Courts.
(Source) Press
Tags: economic stimulus package, nopec, oil imports, oil price, OPEC, opec members, price of oil, safeguards