Frank Lautenberg: “OPEC manipulates world oil markets with their export quotas on oil, which keeps the price artificially high. Without…”

“OPEC manipulates world oil markets with their export quotas on oil, which keeps the price artificially high. Without OPEC, market analysts have estimated that the free market price of oil would be around $10 to $15 lower than today's price. So the expectation is that oil would be lower in cost by $10 to $15 than it is today if it wasn't for this conspiracy out there by some so-called friends and avowed enemies. That includes Iraq and former antagonist of the United States, Libya; and it includes other countries. There is no reason to continue to tolerate OPEC's anticompetitive behavior. The administration has been lax in dealing with OPEC. In my view, President Bush's close ties to the Saudis and big oil companies have prevented him from sticking up for the American consumers. Worse yet, high oil prices mean massive profits for countries such as Saudi Arabia and Iran--countries that frequently fund terrorism. The administration's inaction is allowing tens of billions of dollars to flow into the hands of the mullahs in Iran--money that finds its way to Hamas, Hezbollah, Islamic jihad, and other terrorist organizations that kill innocent Americans. So while Iran, Saudi Arabia, and terrorists reap profits from OPEC's quotas, American families pay a terribly high price. It is time for us in this body to act.”