The Judiciary Committee in the U.S. House of Representatives is preparing to discuss a bill aimed at pressuring the "OPEC+" group of oil-producing nations, led by Russia, to stop implementing production cuts that could raise fuel prices for American drivers.
The committee is expected to vote on the bill known as "No Oil Producing and Exporting Cartels" (NOPEC), which would amend U.S. antitrust laws to strip member countries of the "OPEC+" alliance and their national oil companies of sovereign immunity, allowing them to be sued for price manipulation.
Analysts are skeptical about the likelihood of the NOPEC bill passing in Congress, especially since oil prices are relatively low amid market concerns about a recession.
The bill must gain the approval of the judiciary committees in both the House and Senate, and then secure full approval from both chambers before being signed by President Joe Biden to become law.
