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For Immediate Release
June 13, 2007

Grassley Works to Reduce Dependency on Foreign Oil

WASHINGTON – Sen. Chuck Grassley said today that an amendment he is co-sponsoring has been filed to the energy bill that is being debated in the U.S. Senate. The legislation would 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.

 

“We are working towards ending our dependency on foreign oil by developing homegrown clean, renewable, and alternative energy resources,” Grassley said. “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.”

 

A stand-alone bill passed the Senate Judiciary Committee on April 24 of this year. Grassley, a senior member of the Committee is an original co-sponsor of the legislation.

 

OPEC is an 11-member organization that accounts for more than two-thirds of the world’s crude oil reserves.