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NOPEC

That's the tile of a bipartisan bill (natch) aimed at OPEC. Introduced last week by Senator Mike DeWine (R-Ohio) and Herb Kohl (D-Wisconsin), the legislation "would permit the U.S. Department of Justice and the Federal Trade Commission to bring antitrust actions against foreign states." Ahem. Perhaps the boys should first nullify the Webb-Pomerene Act (1917), which allows US firms to participate in export cartels. Then they can step up and claim the moral high ground.

A hearing on the cause of high gas prices is set for Wednesday. Set to testify are Justine Hastings, assistant professor of economics at Yale, and William Kovacic, general counsel at the FTC. Might make for interesting viewing - in between the senators' sound bites - on CSPAN.