[Congressional Record (Bound Edition), Volume 153 (2007), Part 10]
[Senate]
[Pages 13434-13435]
[From the U.S. Government Publishing Office, www.gpo.gov]




                                 NOPEC

  Mr. LEAHY. Mr. President, I am proud to be an original cosponsor of 
S. 879, the No Oil Producing and Exporting Cartels Act of 2007, or 
NOPEC. The Judiciary Committee today reports that bill favorably, with 
an accompanying committee report. This is not the first time the 
committee has reported this legislation, but it ought to be the last. 
Indeed, the Senate Judiciary Committee under three different chairmen 
has now considered and recommended this legislation for passage. It is 
long past time for this bill to become law.
  NOPEC will hold certain oil producing nations accountable for their 
collusive behavior that has artificially--and drastically--reduced the 
supply and inflated the price of fuel. It authorizes the Attorney 
General to take legal action against any foreign state, including 
members of the Organization of Petroleum Exporting Countries, OPEC, for 
price fixing and artificially limiting the amount of available oil.
  Just this morning, I read in the Washington Post that the Energy 
Department declared that ``gasoline prices last week came within a half 
penny of tying the modern era's inflation-adjusted record set in March 
1981,'' and that the nationwide average price at the pump is $3.218 a 
gallon. That is a rise of more than 11 cents a gallon just in the last 
week, according to the Energy Information Administration. These 
increases in price have led to renewed calls for investigation into 
their causes, but we already know well one significant cause: 
anticompetitive conduct by oil cartels.
  While OPEC actions remain protected from antitrust enforcement, the 
ability of the governments involved to wreak havoc on the American 
economy remains unchecked. If OPEC were simply a collection of foreign 
businesses engaged in this type of behavior, they would already be 
subject to the antitrust laws.
  I am disappointed that the administration recently announced it would 
oppose this bill and recommend that the President veto it. When 
entities engage in anticompetitive conduct that harms the American 
consumers it is the responsibility of the Department of Justice to 
investigate and prosecute. It is wrong to let OPEC producers off the 
hook just because their anticompetitive practices come with the seal of 
approval of national governments.

[[Page 13435]]

  Americans deserve better, and it is time for Congress to act. With 
the summer months approaching, there is no end in sight to the rise in 
gas prices. I am hopeful that the Senate will take up and pass this 
legislation in June. I thank Senator Kohl for his leadership on this 
important issue.

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