Dems Unveil Bill that Targets OPEC and Oil Firms

Today as bulk oil prices again reached a record high of $124 a barrel, Democratic leadership in Washington, D.C. unveiled the Consumers First Energy Act. The bill contains provisions that feature a 25% windfall profits tax on oil companies in the U.S., as well as giving the U.S. Attorney General authority to bring price collusion charges to OPEC.

GOP leaders also had a plan to open up oil production and drilling in Alaska.

While legislators work on a solution, analysts are now predicting barrel prices to reach $160 by fall.