Working for Fair Prices and Energy Independence

With the price of oil pushing $110 a barrel and America’s economic recovery paying the price, it’s time for action against illegal price fixing.

This week, the Senate Judiciary Committee passed legislation of which I’m the lead Republican sponsor to authorize the Department of Justice and the Federal Trade Commission to bring lawsuits for antitrust violations against the 11 oil-cartel members of OPEC, or the Organization of Petroleum Exporting Countries.  My bipartisan legislation - the No Oil Producing and Exporting Cartels Act, or NOPEC - would make clear that what is known as the Act of State doctrine would not prevent a court from ruling on antitrust charges brought against these foreign governments for engaging in illegal pricing, production, and distribution of petroleum products.

This bill would serve notice to OPEC nations that the United States is committed to doing everything possible toward lowering prices at the gas pump, and that our government is committed to stopping anti-competitive activity in this area.  The member nations of OPEC hold more than three-quarters of the world’s crude oil reserves.

America’s economy is energy-intensive, and high-priced foreign oil emphasizes the need for our country to become much more energy-independent.  I’m a strong advocate for accelerated domestic production of traditional oil and gas energy sources, along with expanded production and use of renewable energy, greater conservation and continued development of nuclear energy sources.