Senate Authorizes Lawsuits Against OPEC

The Senate approved legislation late Tuesday that would allow the federal government to sue OPEC oil cartel nations under antitrust laws, Bloomberg reported.

The U.S. has a “crisis” of high gasoline prices, said Sen. Arlen Specter (R-Pa.), who supported the amendment, which was added today to the energy bill being debated this week in the Senate, Bloomberg reported.

The legislation will “eliminate the conspiracy [and] the concerted action” of OPEC in setting production targets and affecting the price of oil on world markets, Specter said.

Gasoline pump prices reached a $3.218 a gallon May 21, according to the Energy Department’s weekly price survey. This week’s survey, released Monday, showed the price was $3.009, while diesel fuel was at $280.5.



Gas is 84.4 cents higher and diesel is 39.2 cents over the year’s low prices of $2.165 and $2.413, respectively, which were both set on Jan. 29.

OPEC — which includes Saudi Arabia, Iran, Venezuela, Nigeria and the United Arab Emirates — supplies 40% of the world’s crude oil and in March provided 45 percent of U.S. imports, according to DOE data, Bloomberg said.