The U.S. Chamber of Commerce today sent the below letter to Members of the House Judiciary Committee opposing H.R. 3081, the “No Oil Producing and Exporting Cartels Act” (NOPEC).
The Chamber is unalterably opposed to anti-competitive conduct in commercial markets by foreign states and their agents. However, H.R. 3081 ignores the legal and policy complexities at play when a nation-state engages in or directs commercial conduct. Antitrust cases involving nation state-commercial activity can already be brought under existing law. The proposed legislation would prohibit the courts from carefully evaluating sovereign immunity claims.
This legislation would have zero impact at taming gasoline prices and could perversely cause prices to rise due to the geopolitical risk that comes with this legislation. The United States is the leading global energy producer, yet federal policies often stand in the way of leveraging America’s own abundant resources. Congress and the Administration should do more to support domestic production of reliable energy as the best means to provide greater insulation against price swings.