NOPEC? What's That? Lobbyists Haven't Yet Reached All Senators

(Bloomberg) -- While there has been much discussion of so-called NOPEC legislation this week in Houston, Texas Senator John Cornyn seems to have not heard of it.

When asked about the proposal that would allow for antitrust lawsuits against the Organization of Petroleum Exporting Countries, the Republican lawmaker responded: “I’m not intimately familiar with NOPEC legislation, could you describe it?”

NOPEC? What's That? Lobbyists Haven't Yet Reached All Senators

After getting an explanation from a reporter, Cornyn said he was not in favor of lawsuits as a solution. Instead, U.S. oil producers should prove their merit by competing with OPEC, he said.

While opponents of the legislation may not have yet reached Cornyn, OPEC sent a clear message to Wall Street banks and big investors this week at the CERAWeek by IHS Markit gathering, saying in a private meeting that if the legislation is approved, the first victim will be shale, according to people who were in the room.

BP Plc Chief Executive Officer Bob Dudley repeated that warning publicly, saying OPEC action helps to moderate price swings.

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