Herb Kohl: “I believe the arguments set forth by the administration, as well as those on the floor today in opposition to this bill…”

“I believe the arguments set forth by the administration, as well as those on the floor today in opposition to this bill, are without merit. For example, we disagree that it would harm U.S. interests overseas. The Justice Department has taken action to sue many foreign cartels that have engaged in price fixing, including, for example, the international vitamin cartel. There has been no retaliation against U.S. business interests abroad. Only 11 Nations in the world are members of the OPEC oil cartel. There would be no reason for any other Nation to retaliate against the United States for attempting to enforce this legislation. The idea that OPEC could strongly discourage investment in the U.S. economy is likewise speculative and without basis. The existence of strong U.S. antitrust laws for over a century, laws that are already reaching foreign conduct affecting the U.S. markets, has not discouraged investment in the United States. Further, and this is enormously important, this legislation does not require the administration to do anything. It simply gives them the authority to bring action in court against the OPEC oil cartel. It seems to me the legislation would have a constructive effect in bringing notice to the OPEC oil cartel that we do have recourse, should it be necessary, to move against them in retaliation of their fixing prices of oil at unreasonably high levels.”