STEUBENVILLE - An end to subsidies for the top five oil producers, empowering the Justice Department to have a stick to hit OPEC, as well as investigations of price speculators would get a handle on oil price spikes, according to Sen. Sherrod Brown.
Brown, D-Ohio, used his weekly reporter call Wednesday to discuss his signing onto the NOPEC Act, an antitrust-type bill aimed toward the oil cartel, and the ending of $4 billion in subsidies for the oil industry. He also said release of some oil from the national strategic reserve could make immediate impact on prices.
The top five oil companies, he said, are on track to report $125 billion in profits this year.
"These are five companies that may be five of the most successful companies in the history of the world, and we give them tax breaks," Brown said. "Why should that be?"
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