Bill Would Permit DOJ, FTC To Act Against Oil Collusion

Bill Would Permit DOJ, FTC To Act Against Oil Collusion

WASHINGTON -(Dow Jones)- Two key U.S. senators on antitrust issues introduced a bill to permit the Justice Department and Federal Trade Commission to bring actions against foreign states, such as members of the Organization of Petroleum Exporting Countries, for collusive practices in setting the price or production of petroleum products.

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Prior attempts to enact such legislation into law have failed, but DeWine called the bill “more timely and necessary than ever before.” He added that “we cannot stand idly by while OPEC brazenly fixes prices in violation of our antitrust laws.”

-By John Connor, Dow Jones Newswires; 202-862-9273; John.Connor@dowjones.com

http://tinyurl.com/3pwfw