Some Senators are upset about the recent rise in the price of crude oil. Sen. Arlen Specter (R-Pa.) is one of a number of politicians urging the United States to do something about it. Specifically he wants the U.S. government to sue OPEC under U.S. antitrust laws for illegally fixing the price of oil. Sounds like a great idea to me.
Specter told The National Law Journal,
I believe the antitrust laws are a very effective weapon that can be used here. OPEC is a horrible cartel that is damaging us enormously. They trade in the United States. It’s a commercial transaction. [So antitrust laws apply]
I think Specter is on to something, but of course this principle needs to be applied consistently to all government-sponsored cartels that harm the American people economically. RIght after the Justice Department sues OPEC, it should turn around and sue the United States for violating American antitrust laws and attempting to fix the price of sugar, lamb, coffee and a whole host of other goods in which Washington, DC, regularly intervenes.
Given the large number of possible suits against the United States government alone, we should start down this path sooner rather than later.
Source:
Senators to press for suing OPEC over pricing. The National Law Journal, March 1, 2001.