Friday, June 10, 2011
As Robert Zubrin notes in Energy Victory, "Collusion by suppliers to fix prices is not only a crime under US law, it is banned by international law as well. The rules of the World Trade Organization (WTO) contain antitrust provisions that prohibit member nations from setting quota restrictions on import and exports. The WTO outlaws conspiracies to fix markets, and permits member nations to prosecute all parties to such conspiracies. The US Justice Department would thus be entirely within its rights to initiate prosecutions against OPEC principals with interests in the United States (for example, Saudi royals), as well as against corporations, such as international oil companies, found to be acting in concert with OPEC. In addition, the imposition of retaliatory trade measures against OPEC nations would be fully justifiable."
Read more about how OPEC works.