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We’ve all been alarmed by the rise in gas prices, which are now surpassing $4 a gallon in many places across the country, including Wisconsin, and have nearly doubled in two years. While we know that the rise in gas prices has many causes, one important cause is the actions of the OPEC oil cartel, which limits supply in order to maintain a high price. If the nations of OPEC were private companies, such conduct would be nothing more than naked price fixing, illegal under the most fundamental principles of antitrust law.
This week, I questioned Attorney General Eric Holder at a Judiciary Committee hearing about rising gas prices and my legislation, the No Oil Producing & Exporting Cartels (NOPEC) Act. My bill would give the Department of Justice tools it needs to enforce the antitrust laws against the OPEC oil cartel. NOPEC was approved with bipartisan support by the Judiciary Committee last month. Attorney General Holder indicated that he is always looking for more enforcement tools to protect American consumers and that he will consult with his colleagues in the Cabinet about the NOPEC legislation. The Administration recently established a task force to examine whether there has been inappropriate market manipulation of oil prices. Attorney General Holder assured the Judiciary Committee that he will be aggressive in examining the rise in oil prices, and to the extent that they were artificially driven the Justice Department will take action. I want you to know I will continue working to reduce the price of gasoline.
Sincerely,
This week, I questioned Attorney General Eric Holder at a Judiciary Committee hearing about rising gas prices and my legislation, the No Oil Producing & Exporting Cartels (NOPEC) Act. My bill would give the Department of Justice tools it needs to enforce the antitrust laws against the OPEC oil cartel. NOPEC was approved with bipartisan support by the Judiciary Committee last month. Attorney General Holder indicated that he is always looking for more enforcement tools to protect American consumers and that he will consult with his colleagues in the Cabinet about the NOPEC legislation. The Administration recently established a task force to examine whether there has been inappropriate market manipulation of oil prices. Attorney General Holder assured the Judiciary Committee that he will be aggressive in examining the rise in oil prices, and to the extent that they were artificially driven the Justice Department will take action. I want you to know I will continue working to reduce the price of gasoline.
Sincerely,
My reply:
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Herb,
What are you smoking? "NOPEC"? Cute name, but where does our Constitution give Mr. Holder the power to enforce American laws against OPEC? In case you haven't noticed, OPEC is not an American organization.
Any fines or other sanctions against an oil importer will be paid directly by the American consumer, as corporations never pay taxes and fines - they just pass them along as costs of doing business. This is how business works.
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