WASHINGTON – Sen. Chuck Grassley said today that legislation passed the Senate Judiciary Committee which would let the federal government take action against price fixing by OPEC, the Organization of Petroleum Exporting Countries. Grassley is an original cosponsor of the bill.
The No Oil Producing and Exporting Cartels bill, or NOPEC, 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 the “Act of State” doctrine would not prevent a court from ruling on antitrust charges brought against foreign governments for engaging in illegal pricing, production and distribution of petroleum products.
“As our gas prices continue to rise, it’s time to say ‘enough is enough’ to OPEC’s anti-competitive activities,” Grassley said. “It’s time to let OPEC know that we’re committed to stopping any illegal pricing while using home-grown renewable fuels to end our addiction to foreign oil.”
OPEC is an 11-member organization that accounts for more than two-thirds of the world’s crude oil reserves.
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