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.
