The report said that the US House of Representatives has approved legislation to bring litigation against Organization of the Petroleum Exporting Countries (OPEC) members, claiming that they collectively inflated the price of oil and restricted supplies.
With the price of oil nearing all-time highs of $130 a barrel, inflation concerns abound in the US, the UK and Europe. The Bush Administration is reportedly against such litigation, as it believes this could trigger retaliatory actions against US business interests in the region.
Times Online has said that if the legislation is passed in the US Senate, the US Justice Department will create a task force to investigate energy markets to clear manipulation and superfluous speculation.
OPEC member countries are countering the argument that cartel-like activity is pushing global oil prices by claiming that speculation and a weak US dollar are contributing to the price hike.
