ENERGY POLICY ACT OF 2005--Continued
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Mr. DeWINE. Mr. President, today I join my colleague, Senator Kohl, and 16 cosponsors to offer the No Oil Producing and Exporting Cartels Act of 2005 to the Energy bill. This amendment would give the Department of Justice and the Federal Trade Commission legal authority to bring an antitrust case against the Organization of Petroleum Exporting Countries.
We need this amendment because, simply put, gas and oil prices are too high, and it is time that we do something about it. Every consumer in America knows that gasoline prices are simply too high.
What is the cause? There are a number of causes, but certainly one of them, the primary cause, is the increase in imported crude oil prices. Who sets these prices? OPEC does. The unacceptably high price of imported crude oil is a direct result of price fixing by the OPEC nations to keep the price of oil unnaturally high.
What this amendment does is to give the executive branch permission or authority--it does not compel them to do it--it gives them authority to file under our antitrust laws against OPEC. If this was any other business, if this was any business in this country or any other international business, they could be filed against. What this amendment simply does is it makes it very clear that they come under our antitrust laws.
It is the right thing to do. I ask my colleagues to adopt the amendment.
Mr. President, I yield to my colleague, Senator Kohl.
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Mr. DeWINE. Mr. President, this is what our bill says: When you want to do business with America, you must abide by our antitrust laws and rules of the free market. When OPEC one day abides by the rules of the free market, we will all see lower oil and gas prices. That is what this amendment is about.
I yield the floor. I thank Senator Domenici.
The PRESIDING OFFICER. All time has expired. The Senator from New Mexico.