Donald Trump and America Can't Live Without OPEC - Bloomberg: The U.S. Department of Justice is formally reviewing antitrust laws aimed at curbing OPEC’s power over oil markets, raising the prospect of anti-OPEC legislation landing on President Donald Trump’s desk for signature. Tempting as it might be, the long-term cost of ending the group’s influence over prices would far outweigh any quick gains.
Bipartisan anti-OPEC bills have been introduced in both the House and Senate, although neither chamber has voted on them yet. The House Judiciary Committee in June approved the “No Oil Producing and Exporting Cartels Act,” or NOPEC bill. That would amend the Sherman Antitrust Act of 1890 to give the U.S. Attorney General authority to file a suit against OPEC for trying to control oil production or affect crude prices. Previous presidents said they would veto any such legislation. How Trump would react is, as so often, impossible to predict.
His love of cheap gasoline and frequent Twitter rants against OPEC suggest that lawmakers have more of a friend in the White House. But Trump’s equally public support for Saudi Arabia’s embattled Crown Prince Mohammed bin Salman hints that even he may balk at signing into law an act that would damage the kingdom and its young leader-in-waiting and put at risk those arms sales the president is so keen on.
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