Graves Votes to Go After OPEC

Press Release

Graves Votes to Go After OPEC

Legislation Gives Justice Department Authority to Prosecute Cartels, Price Gouging

U.S. Congressman Sam Graves voted today to give U.S. authorities the ability to prosecute the anti-competitive conduct of international cartels that restrict supply and drive up prices. The bill, the Gas Price Relief for Consumers Act of 2008, also creates a Justice Department task force to investigate price gouging.

"Our dependence on foreign oil is leaving Missouri families at the mercy of OPEC," Graves said. "This legislation brings OPEC within the reach of U.S. antitrust laws, and allows the Justice Department to prosecute them for their manipulation of oil prices."

The bill authorizes the creation of the Department of Justice Petroleum Industry Antitrust Task Force to examine the existence and effects of price gouging, anti-competitive price discrimination by petroleum refiners, the withholding of supply to inflate prices, and manipulation in futures markets.

"Missouri's drivers deserve to know that they aren't being ripped off at the pump," Graves said. "We need to make sure that oil producers are playing by the rules and not artificially inflating the price of gas."

Graves also stressed that more work was needed to give Missourians real relief from high gas prices.

"Going after those who manipulate the price of gas is part of the solution," Graves said. "However, we need to continue working on long term solutions that end our dependence on foreign oil. Right now we import 15 million barrels of oil a day. We must increase our domestic supply by going after the oil we have in our own backyard."

The House passed the Gas Price Relief for Consumers Act of 2008 with bi-partisan support, 324-84.

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