WASHINGTON – Sen. Chuck Grassley today introduced legislation with several colleagues that let the federal government take action against price fixing by OPEC, the Organization of Petroleum Exporting Countries.
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 does not prevent a court from ruling on antitrust charges brought against foreign governments for engaging in illegal pricing, production and distribution of petroleum products.
“Putting an end to illegal pricing is long overdue. We’re in a new energy era and OPEC needs to know that we are committed to stopping their anti-competitive behavior,” Grassley said. “The United States has been working toward ending our dependency on foreign oil by developing homegrown clean, renewable, and alternative energy resources. Just as important are the efforts Americans have been taking to conserve energy by driving less and turning off their cars instead of idling. It shows the OPEC members that not only will we not tolerate their flagrant antitrust violations, but we’re also committed to reducing our dependence on foreign sources of oil.”
OPEC is an 11-member organization that accounts for more than two-thirds of the world’s crude oil reserves.