Washington, D.C. – On Friday, May 18, 2018 at 9:30 a.m., the Subcommittee on Regulatory Reform, Commercial and Antitrust Law will hold a hearing on the No Oil Producing and Exporting Cartels Act.
This legislation is a longstanding, bipartisan, bicameral bill that would subject the Organization of Petroleum Exporting Countries (OPEC) to antitrust law for its cartel behavior by removing a state immunity shield available under judicial precedent. Under this bill, OPEC and other producers could be held responsible for collusion, which raises gas prices and hurts the development of energy alternatives.
Witnesses at the hearing will be:
- Mr. Seth Bloom, President and Founder, Bloom Strategic Counsel, PLLC
- Dr. Ariel Cohen, PhD, Nonresident Senior Fellow, Atlantic Council’s Global Energy Center
- Mr. Phillip Brown, Specialist in Energy Policy, Congressional Research Service
- Dr. Mark Cooper, PhD, Senior Fellow, Consumer Federation of America
House Judiciary Committee Chairman Bob Goodlatte (R-Va.) has issued the following statement ahead of the hearing:
Chairman Goodlatte: “Oil prices affect every industry, business, and family. When we give oil-producing countries a pass, we fail to protect the best interest of the American people. The No Oil Producing and Exporting Cartels Act would put a stop to OPEC’s unfair, outsized influence on energy production and utilize U.S. antitrust law to ensure competition and free market pricing practices within the energy industry. I have long been a supporter of this legislation, and I look forward to examining at this week’s hearing the impact this legislation will have on consumers.”
This hearing will take place in 2141 Rayburn House Office Building and will be webcast live at judiciary.house.gov. Camera crews wishing to cover must be congressionally credentialed and RSVP with the House Radio-TV Gallery at (202) 225-5214.