The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“NOPEC” mentioning the U.S. Dept. of Energy was published in the Senate section on pages S6457 on May 22, 2007.
The publication is reproduced in full below:
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.
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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