• Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us
Sixsense News
Advertisement
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
  • Home
  • Business
  • Economy
  • Fintech
  • Finance
  • Insurance
  • Market
  • Startups
No Result
View All Result
Sixsense News
No Result
View All Result
Home Business

Schumer says U.S. should look at ‘NOPEC’ bill, other options after OPEC move

Freddie Green by Freddie Green
October 7, 2022
in Business
0


imaginima

Legislation that would allow the U.S. to sue OPEC countries is being considered in response to the cartel’s 2M bbl/day production cut this week, Senate Majority Leader Chuck Schumer said Thursday.

“What Saudi Arabia did to help Putin continue to wage his despicable, vicious war against Ukraine will long be remembered by Americans,” Schumer said. “We are looking at all the legislative tools to best deal with this appalling and deeply cynical action,” including the NOPEC bill – the No Oil Producing and Exporting Cartels Act – which would allow the U.S. government to sue OPEC members for price fixing in U.S. courts under the Sherman Antitrust Act and then seize foreign-owned property in the U.S. to pay for any resulting damages.

Following the production cut announcement, Biden administration officials hinted at potential support for the bill, which has broad support among both parties in Congress; Senate Judiciary Committee members Dick Durbin, a Democrat, and Chuck Grassley, a Republican, called Thursday for consideration of it when Congress returns after the November election.

OPEC leaders take the bill seriously and are outraged by threats to pass it, and they might reconsider selling to the U.S. if NOPEC becomes law, Foreign Reports Inc. analyst Matthew Reed said.

With midterm elections coming early next month, analysts say domestic politics could push President Biden to support the legislation, regardless of the potential unintended consequences.

Among other potential U.S. actions, Senator Edward Markey said he will introduce a bill that could allow the U.S. Trade Representative to initiate dispute proceedings at the World Trade Organization.

A ban on exports of gasoline and diesel is possible, and oil industry groups said Biden administration officials refused to rule out such limitations at a meeting last Friday with oil executives.

Most likely, the White House could coordinate another international release of strategic petroleum reserves, even as the U.S. reserve is at its lowest level in 40 years.

ETFs: (XLE), (XOP), (VDE), (OIH), (CRAK), (DRIP), (GUSH)



Source link

Related articles

How to pay EMI using PhonePe

March 30, 2023

Intel Stock Surges as New Chips to Be Ready Sooner. What Analysts Say.

March 30, 2023
Tags: billmoveNOPECOPECOptionsSchumerU.S

Related Posts

How to pay EMI using PhonePe

by Freddie Green
March 30, 2023
0

PhonePe, like other UPI apps such as Google Pay (GPay) and Paytm, allows individuals to pay their utility bills through...

Intel Stock Surges as New Chips to Be Ready Sooner. What Analysts Say.

by Freddie Green
March 30, 2023
0

Text size Intel shares are down more than 35% from a year ago. David Paul Morris/Bloomberg Intel shares are on...

Philips stock jumps after CEO eyes recall settlements this year (PHG)

by Freddie Green
March 30, 2023
0

mekcar Philips (NYSE:PHG) CEO Roy Jakobs expects the company to reach settlements this year related to the recall of its...

‘FIFA’ publisher EA to cut 6% of workforce, reduce office space By Reuters

by Reuters
March 30, 2023
0

© Reuters. FILE PHOTO: EA (Eletronic Arts) Sports logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration (This...

U.S. cities claw back people after COVID outflows

by Mike Schneider, The Associated Press
March 30, 2023
0

Turns out the pandemic hasn’t permanently dissuaded people — especially immigrants — from seeking their fortunes amid Manhattan’s gritty streets...

Load More

How to pay EMI using PhonePe

March 30, 2023

Crypto Mining at Gas Wells Sparks Regulatory Headaches, Outcry in Northwestern Pennsylvania

March 30, 2023

Guide to Buying Property Insurance and Protecting Yourself from Roof Damage

March 30, 2023

China is now an unlikely safe haven

March 30, 2023

Four bankers who helped Putin’s friend set up Swiss bank account convicted By Reuters

March 30, 2023

Marqeta Finds More Consumers Are Looking to Digital Solutions Like Crypto in Economic Downturn

March 30, 2023
Sixsense News

© 2022 Sixsense News All Rights Reserved.

Navigate Site

  • Terms and Conditions
  • Privacy Policy
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Contact Us

Follow Us

No Result
View All Result
  • #3158 (no title)
  • Business
  • Economy
  • Finance
  • Fintech
  • Insurance
  • Market
  • Startups

© 2022 Sixsense News All Rights Reserved.