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Bullboard - Stock Discussion Forum Baytex Energy Corp T.BTE

Alternate Symbol(s):  BTE

Baytex Energy Corp. is a Canada-based energy company. The Company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States. Its crude oil and natural gas operations are organized into three main operating areas: Light Oil USA (Eagle Ford), Light Oil Canada (Pembina Duvernay... see more

TSX:BTE - Post Discussion

Baytex Energy Corp > U.S. Senate committee passes bill pressuring OPEC oil cartel
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Post by Snowballer on May 05, 2022 12:48pm

U.S. Senate committee passes bill pressuring OPEC oil cartel

WASHINGTON, May 5 (Reuters) - A U.S. Senate committee passed a bill on Thursday that could expose the Organization of the Petroleum Exporting Countries and partners to lawsuits for collusion on boosting crude oil prices.

The No Oil Producing or Exporting Cartels (NOPEC) bill sponsored by senators, including Republican Chuck Grassley and Democrat Amy Klobuchar, passed 17-4 in the Senate Judiciary Committee.

Versions of the legislation have failed in Congress for more than two decades. But lawmakers are increasingly worried about rising inflation driven in part by prices for U.S. gasoline, which briefly hit a record above $4.30 a gallon this spring. read more

"I believe that free and competitive markets are better for consumers than markets controlled by a cartel of state-owned oil companies ... competition is the very basis of our economic system" Klobuchar said.

NOPEC would change U.S. antitrust law to revoke the sovereign immunity that has long protected OPEC and its national oil companies from lawsuits.

The bill must pass the full Senate and House and be signed by President Joe Biden to become law.

If passed, the U.S. attorney general would gain the ability to sue OPEC or its members, such as Saudi Arabia, in federal court. Other producers like Russia, which works with OPEC in wider group known as OPEC+ to withhold output, could also be sued.

Saudi Arabia and other OPEC producers have rebuffed requests by the United States and other consuming countries to boost oil production beyond gradual amounts, even as oil consumption recovers from the COVID-19 pandemic and Russian supply falls after its invasion of Ukraine.

OPEC+, which cut production when oil prices crashed to historic lows when the pandemic slashed oil demand, agreed on Thursday to stick to its existing plans to reverse the curbs with modest increases for another month. read more

NOPEC is intended to protect U.S. consumers and businesses from engineered spikes in the cost of gasoline, but some analysts warn that implementing it could also have some dangerous unintended consequences.

In 2019, Saudi Arabia threatened to sell oil in currencies other than the dollar if Washington passed NOPEC, a move that could undermine the dollar's status as the world's main reserve currency, reduce Washington's clout in global trade and weaken its ability to enforce sanctions on nation states.

Comment by Snowballer on May 05, 2022 12:51pm
I recall a few of us here chatting about this last year... well this creates all kinds of uncertaintly with geopolitics and OPEC.  Market structer on our side but WTF is the outcome with this?
Comment by BayStreetWolfTO on May 05, 2022 12:55pm
Hey Snow, yes we did talk about it....funny how talking points come and go and come and go again. As I said back than this is the nuclear button. This would give the middle east to Russia and China. SA relationships are already poor. Now this is just a "senate committee" highly doubtful the senate let alone the president would even entertain. Good talking points though like the SPR. Now ...more  
Comment by Snowballer on May 05, 2022 1:01pm
Yeah things just look FKD up.  Russia/ukraine war, soaring inflation, now a fight with OPEC.  fk me. Just goes oil goes high doesn't mean equities will follow.
Comment by Cobalt on May 05, 2022 12:58pm
Love it , pass it , figure out the outcome good money to be made , start with OPEC dropping the USD, maybe even a oil shock , bullish very :)
Comment by BayStreetWolfTO on May 05, 2022 1:08pm
LOL Cobalt, I agree....it's a nuclear button and Biden woulnd't dare. They would lose the middle east to China in a flash...USD would be dropped...that would be the end of life as our kids in North America know it. While sure that would be great for oil prices it would be contra to what I am trying to do to help some people.
Comment by topdown99 on May 05, 2022 12:52pm
Seen that already Snowballer , check post "How stupid can America be" and the following discusion