WASHINGTON – Sen. Chuck Grassley said today that legislation he has worked to pass for several years was included in the energy bill that is currently being debated in the Senate. The amendment would let the federal government take action against price fixing by OPEC, the Organization of Petroleum Exporting Countries. The 11-member organization supplies more than three-fourths of the world’s crude oil reserves.
If the amendment remains in the final bill, it would authorize the Department of Justice and the Federal Trade Commission to bring lawsuits against oil cartel members for antitrust violations. It would clarify that what’s 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.
"We need to change the law to make clear that such flagrant antitrust violations will not be tolerated," Grassley said. "Iowa has been suffering from high gas prices long enough because of OPEC’s practices."
Grassley also said that passing a comprehensive energy bill would give notice to OPEC that the United States is committed to decreasing its reliance on foreign sources of oil and developing home-grown, renewable fuel supplies like ethanol and biodiesel.
Last week, Grassley supported an amendment, the Renewable Portfolio Standard, that will require 10 percent of the nations electricity be generated from renewable energy sources, such as wind power, by 2020. The amendment passed 52 – 48.
Grassley’s energy tax incentives package was offered on Monday night and accepted as part of the comprehensive energy bill. The tax package includes incentives for renewable fuels such as ethanol, biodiesel, wind, and biomass.
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