FOLLOWING REPEATED CALLS BY BROWN, OBAMA ADMINISTRATION TO ADDRESS HIGH GAS PRICES BY RELEASING OIL FROM STRATEGIC PETROLEUM RESERVE

Senator: High Gas Prices Harm Consumers and Businesses, Hinder Economic Recovery

Category: Investment, Energy

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WASHINGTON, D.C. - June 23, 2011 (Investorideas.com Energy Newswire) - Following repeated calls by U.S. Sen. Sherrod Brown (D-OH), the Obama Administration today announced the planned release of 30 million barrels of oil from the strategic petroleum reserve to relieve the strain of high gas prices on families and small businesses.

"Unrest in the Middle East compounded by rampant speculation and price-fixing have funneled huge profits to Big Oil while working- and middle-class Ohioans struggle to make ends meet," Brown said. "Today’s decision by the Administration is an important step as we utilize every available tool to ensure that our recovering economy is not undermined by artificially high oil prices."

Brown is leading the fight to curb high gas prices by ending price-fixing by OPEC countries and cracking down on Wall Street speculation. Earlier this month, OPEC refused to boost oil output and Brown called for the swift passage of legislation that would crack down on price-fixing by OPEC countries that increases gas prices.

No Oil Producing and Exporting Cartels Act (NOPEC)

Currently, the U.S. does not have the authority to take legal action against oil-producing nations who manipulate the price of crude oil through price-fixing or collusion. The NOPEC Act would give the U.S. Attorney General the authority to pursue legal action against oil-producing nations, like the Organization of the Petroleum Exporting Countries (OPEC), that band together to manipulate the price of oil, natural gas, or any petroleum product. The bill clarifies that OPEC's activities are not protected by sovereign immunity and that the federal courts should not decline to hear such a case based on the "act of state" doctrine. This would enable the Department of Justice to take action against foreign states for colluding to set the price or limit production of oil. Brown also cosponsored this bill in the 110th Congress.

Addressing Wall Street Speculation and Production Levels

Earlier this year, Brown announced new plans for cracking down on oil speculation, which may be responsible in part for driving up prices at the pump. Brown sent a letter to the Commodity Futures Trading Commission (CFTC) urging the agency to use its full authority under the recently-passed financial reform bill to protect consumers and small businesses from artificially inflated gas prices. He has also called on U.S. Secretary of State Hillary Clinton to push Organization for Petroleum Exporting Countries (OPEC) to increase production levels.

Contact:

Meghan Dubyak/Lauren Kulik
(202) 224-3978

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