Posted on 05/20/2008 10:57:54 AM PDT by Sub-Driver
House passes bill to sue OPEC over oil prices Tue May 20, 2008 1:53pm EDT
WASHINGTON (Reuters) - The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure.
The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow.
The measure passed in a 324-84 vote, a big enough margin to override a presidential veto.
The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.
"This bill guarantees that oil prices will reflect supply and demand economic rules -- instead of wildly speculative and perhaps illegal activities," said Democratic Rep. Steve Kagen of Wisconsin, who sponsored the legislation.
The White House opposed the bill, saying that targeting OPEC investment in the United States as a source for damage awards "would likely spur retaliatory action against American interests in those countries and lead to a reduction in oil available to U.S. refiners."
(Excerpt) Read more at reuters.com ...
“This is fantastic! Can the justice department sue congress for limiting US oil supplies?”
Then I will sue you for suing the justice department and then someone can sue me. We’ll build a class action lawsuit to sue every American who is responsible for being apathetic, moronic, lazy, greedy and selfish. It will encompass most of the nation :)
mea culpa. Nuclear power plants have already
been encouraged with the previous energy bill.
But yes. yes. yes.
No prob. Blame Bush. Duh.
Speculation is 15% of the price per barrel. The real culprit of paying outrageous sums for imports (which oil is) has been purposeful devaluing our currency. It’s simple math, the dollar is worth half meaning we pay double for imports. That is a simple explanation but it works for this discussion.
Governments tend to devalue currency when public debt becomes unsustainable. This remedy to avoid financial collapse (we were already in a credit crisis meaning not enough money to sustain the system) causes inflation.
Also, since the U.S. financial system is so shaky, global investors are pouring money into essential commodities like oil, agriculture and metals. This drives up the cost of everything. Global investment money goes where it is safest. I am not a trader I am a businessman. The FED acting in conjuction with Central Banks can limit hedge fund borrowing and the ratios of leverage hedge funds can apply and dump into commodities. This was done as an experiment in March that lasted a few days. The price of oil dropped $17 dollars in three days, revealing oil speculation accounted for 15% of the price per barrel. I know this because I gave this idea to the Administration. But I do agree some at the top of the financial system should be behind bars and the FED abolished.
Very insightful.
Ain’t oil fungible?
If they don’t sell to us, they’ll sell it to someone else. Who then doesn’t have to buy from whatever source they had. And that source then sells to us.
Besides, if we confiscate the money they made off us... then we’re getting their oil free of charge!
:-P
US to Saudi - “How do you like our embargo? Getting hungry?”
I have to agree with you here. I am pretty darn sick of paying $4/gallon for gas with absolutely no relief in sight (which has sent the price of everything through the roof), so something has to give.
“I love my country and I’ll stay here and fight against the outrages that will come under this scenario, unlike those who swore that they would flee the country rather than Bush in 2006. The idea that we can return as a more conservative GOP in 2010 and 2012 sounds attractive, but we will be facing a much more hostile environment if our opponents have that much power to play with.”
I had to think about this for several months if I should leave the country when I sell my business this summer as I have a family to consider. I am staying too and running for Congress in 2012. Our fight will be bitter and be prepared to sacrifice for the nation for a large portion of the population whom would rather see people like us rot in hell. Correction of this nation will be painful and people in power to not give it up without a fight. I planned on retiring at 40 which is three years away. I now plan on retiring from business at 40 and serving 10 years to restore the country and in a way, I am not especially looking forward to diving into the sewers of power in Washington. But what’s a God fearing Patriot to do :)
MAY YOU LIVE IN INTERESTING TIMES!!!
Lawyers act like lawyers. As Tom Hanks puts it in the movie Philadelphia, “What is a 1,000 lawyers called chained to the bottom of the ocean? A good start.”
“Not sure of the time line, but honestly, it seems like we have willingly decided push the fast track to collapse. It is coming, and with it will come the iron fist of government. Watch.”
Hmmm, you may be correct and it may not be coincidence Washington has renewed vigor for gun legislation. Kind of hard for a government to pull a Burma here with 60 million armed gun-owners. Not to forget to control a country this size you need the military. You think our servicemen are proud over Serbia? How about recruitment protest events? Think the military would support a liberal nut telling them to fire on there own citizens? Our military still has honor, although the liberals and there gung-ho ATF and police units may not (no slam on you good cops out there cleaning up streets).
Yeah, very strange indeed. The truth is, the world still needs the U.S. but needs us a lot less these days. Therefore, our political influence in foreign matters has waned with our adversaries as point number one. And who really blames foreigners? One minute your with us or against us and next minute we send Condi Rice to have tea with them.
Point two: We have threatened and isolated our allies with the nutty, liberal State Department while providing listening ears to negotiate carrots for nutjob countries like North Korea and Iran with no real concessions. We are not being taken seriously by our allies (which does includes the Saudis) but political confusion on foreign policy means allies make the only decisions that are right for themselves. The President never stood a chance in Saudi Arabia. OPEC has little to do with the fact of a choice to devalue our currency making imports like oil vastly more expensive in real terms, nor does OPEC has anything to do with how our government regulates Wall St, Investment Banks or Central Banks for that matter.
Many nations now have sovereign wealth funds. They took advantage of our lack of policing trade policies and American multinational corporations capatalism and came out on top. They (mostly BRIC nations but Eastern European as well) competed against America and won a round or two of economic victory. I remember Senators providing testimony on the hill that these sovereign wealth funds pose a threat to the United States! What a bunch of immature imbecils!
Covering ass by blaming someone else is the behavior of a 10 year old. Shame they are running or should I say ruining our country! How about declaring energy independence and give the new wealth sovereign funds something to invest in called America?!?!? No, let’s not sell the global consumer what it needs so WE can compete globally, instead let’s tell them to pound sand and threaten to sue them. It sure has become a crazy country.
C’mon....let’s think this out.
First, a Dem sponsors the bill knowing full well that it will pass because it puts the Pubs in the position of having to vote against a bill perceived by the lumpen masses as legislation to help reduce the 4 bucks a gallon current cost.
Second, it passes and the President will correctly veto it. However, who comes out as an uncaring ogre for the veto? Which President and which party comes out as unfeeling, uncaring monsters in this brilliant political finesse by the ‘Rats?
Remember, nothing happens by chance in the political big leagues and both political parties were and are cognizant of the win-win strategery of the sponsors of the bill. There was nothing the Pubs could do......they were screwed.....and the sad part is they’ll never admit it, so the real story will only be read on forums like this one.
The President and the GOP are hosed again.
Why are they hosed?
The President should just sign the bill into law and then do nothing. Once the Democrats take over the White House the Republicans can use it as a club to beat them up. They are only passing this because they know the President will veto it. Well, screw’um, sign the d*mn thing.
Another very bright Freeper connecting the dots of irony, hypocricy and stupidity. Run for office buddy, I am in 2012. I may be have a short political career but I will sure point out to our countrymen what is really going on.
Why would that happen, it would simply mean wheat is more expensive on the global market. Do you think rich princes in the Middle East really worry about there grocery bill? Right now we have exported inflation to every nation on earth that is pegged to the U.S. dollar. I am not a ‘blame America’ kind of guy but devaluing our currency and creating inflation as a indirect tax on the global citizen isn’t making much friends these days.
Maybe they can sue God for not creating enough oil. They would surely win because, let’s face it, where would God get a lawyer?
Ummm, NO. The week this becomes law is the week OPEC decides it will no longer trade oil for dollars and you will get $180 a barrel. The President would not sign this into law which hurts American citizens. The Democrats do this but the Democrats are worthless these days, drunk on the wine of multiculturism and thinking that the whole world feels the same way.
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