posted on Jun, 22 2005 @ 01:49 PM
WASHINGTON (Reuters) - The U.S. Senate voted on Tuesday to allow the U.S. government to sue the OPEC oil cartel on antitrust grounds in an outcry
against crude oil prices that are fast approaching the $60 a barrel mark.
The measure, added to wide-sweeping energy legislation by a voice vote, would give authority to the Department of Justice or Federal Trade
Commission to sue the Organization of Petroleum Exporting Countries.
U.S. crude oil futures hit a record $59.70 per barrel on Tuesday, even after OPEC boosted its production to nearly 25-year highs and U.S. crude
inventories swelled to their highest level since July 1999.
OPEC's 11 members account for almost 40 percent of global crude oil production and two-thirds of proven reserves.
"Gas and oil prices are too high and it's time that we do something about it," said Republican Sen. Mike DeWine (news, bio, voting record) of Ohio,
who sponsored the amendment along with Democrat Herb Kohl of Wisconsin.
"If OPEC were a group of international private companies rather than foreign governments, their action would be nothing more than an illegal
price-fixing scheme," Kohl said.
Republican Sen. Pete Domenici (news, bio, voting record), the Senate's top energy bill negotiator, called the measure "nothing short of
incredible," but did not act to block it.
i doubt it would do anithing against OPEC, suing them. the OPEC nations are sovereign countries and we cant tell them to lower the price of oil
per barrel. unless u agree we need to do somthing against them.