Time to sue OPEC
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23/06/2008
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Times Of India (New Delhi)
Thomas W Evans The US president has the power to attack, and perhaps destroy, the Organisation of Petroleum Exporting Countries (OPEC), the illegal cartel that has driven the price of oil over $130 per barrel. This can be accomplished without invasion or bombing. No special legislation is needed. The president need simply allow the states to seek relief in the Supreme Court under US antitrust laws. The oil ministers of the OPEC countries meet periodically to set production quotas for the cartel's members and in the process establish an artificially high price for crude oil. Under US antitrust laws, this is illegal. Two years ago, an energy expert estimated that the real production cost was $15 a barrel, at a time when the price was approaching $60. Recently, an OPEC spokesman said the price could be $70 a barrel