Rep. Courtney, House Pass Anti-Oil Cartel Legislation Targeting OPEC Nations Seeking to Hold American People Hostage to High Gas Prices
Press Release
Congressman Courtney voted in favor of H.R. 6074, the Gas Price Relief for Consumers Act. The bill authorizes the Justice Department to take legal action against OPEC state-controlled entities that participate in conspiracies to limit the supply, or fix the price, of oil.
"The solution to our national energy crisis will be found in short-term measures addressing supply issues and formulating a long-term conservation strategy that reduces our consumption of oil," stated Courtney. "H.R. 6074 will send a strong message that America will not be handcuffed by collusion among OPEC nations if such actions are taken."
This bill makes clear that OPEC and other nations are not covered by the Foreign Sovereign Immunities Act when acting in a commercial capacity and are engaged in price-fixing and other anticompetitive activities. It authorizes lawsuits in U.S. federal court against oil cartel members by the Justice Department. This previously passed on May 22, 2007 by a vote of 345-72.
The bill also creates a new Department of Justice Petroleum Industry Antitrust Task Force to examine the existence and effects of price gouging in the sale of gasoline, anticompetitive price discrimination by petroleum refiners, unilateral actions to withhold supply in order to inflate the prices, and manipulation in futures markets. The measure also calls for a GAO study as to the effects on competition of prior mergers and ordered divestitures in the petroleum industry.
The House and Senate both voted for the OPEC bill last year, but it was dropped from the Energy Independence and Security Act of 2007 because the Bush Administration veto threat threatened to bring down the entire bill.
"President Bush was soundly rejected last week when he sought assistance from the Saudi government, which should have sent him a message that this legislation is more necessary than ever," added Courtney.
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