In its effort to wrest more control over global oil markets away from foreign producers, Congress has been pushing a bill that would let the U.S. sue OPEC for oil price fixing. The bill called “No Oil Producing and Exporting Cartels Act,” or NOPEC, was first introduced in May. Now, two Republican Senators and two Democrats introduced legislation last week that’s aimed at allowing the government to bring lawsuits against OPEC members for antitrust violations, which would be an amendment to the Sherman Anti-trust act of 1890. The Sherman Anti-trust act changed American business culture. It was the first legislation enacted by Congress to curb concentrations of power that interfere with trade and reduce economic competition. One of the act’s main provisions outlaws all combinations that restrain trade between states or with foreign nations. This prohibition applies not only to formal cartels but also to any agreement to fix […]