Vermont Business Magazine Bipartisan legislation backed by Senator Patrick Leahy (D-Vt.) to crack down on anticompetitive behavior by foreign oil producing nations advanced Thursday in the Senate Judiciary Committee. The bill now goes to the full Senate.
The No Oil Producing and Exporting Cartels Act, or NOPEC, will let the federal government take action against price fixing by OPEC, the Organization of Petroleum Exporting Countries, and its partner nations. The bill is sponsored by Senator Chuck Grassley (R-Iowa) and cosponsored by Leahy and by Senators Amy Klobuchar (D-Minn.) and Mike Lee (R-Utah). Their bill was approved in a strong vote of 17 to 4. Leahy, a former chair and ranking member of the committee, led in developing and introducing earlier versions of the bill.