Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
05/22/2007
Pelosi: Despite Veto Threat, House Overwhelmingly Votes to Take Action against Oil Price-Fixing Cartels
Washington, D.C.- Speaker Nancy Pelosi released the following statement tonight on on H.R. 2264, No Oil Producing and Exporting Cartels Act of 2007 (“NOPEC”), which passed the House by a vote of 345 to 72 late this afternoon, despite a veto threat from the Bush Administration:
“American consumers must not be at the mercy of foreign oil cartels that conspire to fix prices and allocate production. These state-controlled entities and cartels, which control more than two-thirds of crude oil traded internationally, avoid accountability by claiming immunity from the antitrust laws. The NOPEC bill provides a critical tool by authorizing the Justice Department to pursue antitrust actions in U.S. federal court against cartel members.
“I am pleased that the NOPEC bill has strong bipartisan support in both the House and the Senate. The Bush Administration, however, refuses to hold OPEC accountable, and plans to shield them with a veto threat. Instead of protecting foreign oil cartels and their excess profits, the President should work with the Congress to protect American consumers.
“House Democrats are fighting for America’s families. Tomorrow, the House will consider anti-price gouging legislation by Congressman Bart Stupak.”