U.S. Sen. Amy Klobuchar, D-Minn, ranking member of the Subcommittee on Antitrust, Competition Policy and Consumer Rights, introduced legislation with Sen. Chuck Grassley, R-Iowa, and a bipartisan group of Judiciary Committee senators to let the federal government take action against price fixing by the Organization of Petroleum Exporting Countries.
The No Oil Producing and Exporting Cartels Act, or NOPEC, would explicitly authorize the Justice Department to bring lawsuits against oil cartel members for antitrust violations. It would clarify that sovereign immunity, the "Act of State" doctrine, and certain other legal defenses can no longer prevent a court from ruling on antitrust charges brought against foreign governments for engaging in illegal pricing, production and distribution of petroleum products.
Sens. Mike Lee, R-Utah, and Patrick Leahy, D-Vt., have cosponsored the legislation.
The Organization of Petroleum Exporting Countries is a 14-member organization that accounts for more than 80 percent of the world's crude oil reserves. According to news reports, OPEC and Russia together agreed to cut oil production this January, distorting the global petroleum market.
