Proposed Bill Would Open OPEC To Civil Suits

Law360, New York (April 6, 2006, 12:00 AM EDT) -- Legislation has been proposed on Capitol Hill that would dramatically change U.S. antitrust laws by giving the government greater power to sue foreign oil producers and prevent mergers and acquisitions between domestic oil and gas companies.

The two-pronged bill, known as the Petroleum Industry Antitrust Act of 2006, would amend both the Sherman and Clayton Acts, giving the U.S. Department of Justice more leeway in targeting U.S. petroleum deals by lowering the standards required to target them.

In addition, the bill, penned by Sen. Arlen Specter...
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