Senate panel advances anti-OPEC bill, as Democrats 'increasingly threatened by inflation'
The Senate Judiciary Committee on Thursday voted 17-4 in favor of a bipartisan bill that would expose the Organization of the Petroleum Exporting Countries and its allies to antitrust lawsuits, sparking chatter about whether such legislation has a chance this year.
There are reasons why the No Oil Producing and Exporting Cartels Act is more likely than ever to become reality, according to Benjamin Salisbury, director of research at Height Capital Markets.
Related Knowledge Center: Energy security and pricing
The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.