House Passes Bill Authorizing Antitrust Suits Against OPEC
Client Alert | 1 min read | 05.22.08
On May 20, 2008, the U.S. House of Representatives passed the Gas Price Relief for Consumers Act of 2008, a bill that would allow the Department of Justice to sue members of OPEC for violations of U.S. antitrust laws. The bill also establishes an antitrust task force within the Department of Justice to monitor and investigate anti-competitive behavior in the oil industry. The bill, which passed the House by a vote of 324 to 84, adds a new section to Sherman Act explicitly prohibiting a foreign state, or its agency or instrumentality, from acting collectively or in combination with another foreign state to limit the production or distribution of oil, set or maintain the price of oil or "otherwise take any action in restraint of trade for oil, natural gas, or any petroleum product." In addition, the bill specifically authorizes the Department of Justice to bring suit against foreign states for collusion on oil supply and prices, and suspends the application of sovereign immunity and the act of state doctrine in any action brought by DOJ under the bill. Although previous versions of the bill have failed to pass in recent years, the dramatic rise in gas prices in recent months appears to have motivated the House to pass this year's version. The Senate has yet to vote on the bill. President Bush has already stated that he plans to veto the bill.
Insights
Client Alert | 3 min read | 05.23.25
Executive Order Seeks Most-Favored-Nation Drug Pricing and HHS Announces Price Targets
On May 12, 2025, President Trump issued an Executive Order titled "Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients," which aims to reduce the costs of prescription drugs and biologics for American consumers and other payers. This Order revives a plan from President Trump’s first term and follows his April Executive Order, “Lowering Drug Prices by Once Again Putting Americans First,” which also sought to reduce drug prices. With drug prices in the United States nearly three times higher than many other countries, this second Order asks drug manufacturers to adopt Most-Favored-Nation (MFN) pricing for drugs sold in the United States or face potential regulation. MFN pricing would tether drug prices offered in the United States to the lower-cost prices offered in other comparably developed nations, such as Canada, Germany, or the United Kingdom.
Client Alert | 4 min read | 05.22.25
Opportunities for Procurement on the Horizon as UK Concludes Free Trade Agreement With India
Client Alert | 2 min read | 05.22.25
What Trump’s Nominee for IRS Commissioner Could Mean for Employee Retention Tax Credit Enforcement
Client Alert | 3 min read | 05.20.25
