S. 678: NOPEC

This bill prohibits a foreign state from engaging in collective action impacting the market, supply, price, or distribution of oil, natural gas, or any other petroleum product in the U.S. Specifically, a foreign state is prohibited from

• collective action that limits the production or distribution of such product,
• collective action to set or maintain the price of such product, or
• any other action that restrains trade of such product.

Specified defenses such as sovereign immunity (i.e., a foreign state's immunity from the jurisdiction of U.S. courts) and the act of state doctrine (i.e., the prohibition of a court invalidating an official act of a foreign sovereign performed within its own territory) shall not apply to a foreign state's violation of this bill.

Written by the Congressional Research Service, Library of Congress.