WASHINGTON – Senator Chuck Grassley today said that the Senate Judiciary Committee has approved legislation that would allow the federal government to take action against price fixing by OPEC, the Organization of Petroleum Exporting Countries.
Grassley is the lead Republican sponsor of the bill, which would authorize the Department of Justice and the Federal Trade Commission to bring lawsuits against the 11 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.
“High energy prices are a drag on our economy. With the price of oil pushing $110 a barrel, it’s time to put an end to illegal price fixing. OPEC needs to know that we are committed to stopping their anti-competitive behavior,” Grassley said. “We are an energy intensive nation, and have an unhealthy dependency on foreign oil. This bill would give notice to OPEC that the United States is committed to lowering prices at the pump, through all means possible. I’m in favor of an ‘all of the above’ approach which also includes conservation, renewable energy, nuclear energy and domestic oil production.”
OPEC members hold more than three-fourths of the world's crude oil reserves.
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