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House passes bill to sue OPEC over oil prices
Reuters ^
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 ...
TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 110th; democratcongress; democratparty; democrats; energy; energypolicy; gasolie; gasoline; gasprices; hr6074; oil; opec; pelosi; stevekagen
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To: Sub-Driver
Leave it to a bunch of clueless IDIOTS who think you should sue people for FREE MARKET practices.
Face it congress...its because of YOU that we are where we are at.
21
posted on
05/20/2008 11:08:17 AM PDT
by
ICE-FLYER
(God bless and keep the United States of America)
To: Sub-Driver
Does anyone have a roll call list on this?
The 'Yeas' should have their names carved in stone for this monumental stupidity!
22
posted on
05/20/2008 11:10:08 AM PDT
by
Smokin' Joe
(How often God must weep at humans' folly.)
To: Sub-Driver
Shades of Andy Kauffman.
“I will SUE you!!”
23
posted on
05/20/2008 11:10:24 AM PDT
by
Crawdad
(If you're in a fair fight, your tactics suck.)
To: jpl
What a great plan. I guess we shouldn’t mention that there is an adequate oil supply. The prices are not set by Opec, but by oil speculation. Opec will simply be both offended and induced to laugh their asses off at this pathetic example of Congressional ignorance.
This is grade school stuff Nancy. This makes us look more impotent than just about anything I could imagine.
JPL, you’re right on target. This is embarassing.
24
posted on
05/20/2008 11:10:27 AM PDT
by
DoughtyOne
(If you continue to hold your nose and vote, your nation will stink worse after every election.)
To: ConservaTexan
Tell it to Nancy Pelosi at 202-225-4965, or Harry Ried at 202-224-3542.
25
posted on
05/20/2008 11:11:29 AM PDT
by
csmusaret
(John McCain is the evil of three lessers)
To: Sub-Driver
Yeah, trial lawyers will solve all of our problems. Typical democrat thinking - they think they are going to bring OPEC to its knees with a lawsuit. Congress is an embarrassment.
26
posted on
05/20/2008 11:11:35 AM PDT
by
rockthecasbah
(He has sounded forth the trumpet that shall never call retreat.)
To: ConservaTexan
Tell it to Nancy Pelosi at 202-225-4965, or Harry Reid at 202-224-3542.
27
posted on
05/20/2008 11:12:22 AM PDT
by
csmusaret
(John McCain is the evil of three lessers)
To: Sub-Driver
And this gets one more drop of oil into the supply... how?
28
posted on
05/20/2008 11:13:21 AM PDT
by
MrB
(You can't reason people out of a position that they didn't use reason to get into in the first place)
To: Sub-Driver
I really didn’t think congress could work that fast.
29
posted on
05/20/2008 11:14:23 AM PDT
by
b4its2late
(Ignorance allows liberalism to prosper.)
To: technically right
"Go ahead you morons, piss em off and when they embargo sales to the U.S. you can explain why gas costs $10 a gallon, if you can find any.The stupidity of these people is breathtaking."
Damn shame most folks bitching so much don't know ANYTHING bout the 70s......Misery index for example.....
30
posted on
05/20/2008 11:14:23 AM PDT
by
litehaus
(A memory tooooo long)
To: Sub-Driver
Better hope OPEC doesn’t say “see ya”. Of course they’ll still blame Bush and the GOP and Bush and the GOP will turn around and take it.
31
posted on
05/20/2008 11:15:06 AM PDT
by
The South Texan
(The Drive By Media is America's worst enemy and American people don't know it.)
To: Sub-Driver
This is fantastic! Can the justice department sue congress for limiting US oil supplies?
32
posted on
05/20/2008 11:15:41 AM PDT
by
jjw
To: kingattax
What’s galling is the vote - 324-84. It’s symbolism I guess - they’re worried if they voted against it would be used against them
33
posted on
05/20/2008 11:17:33 AM PDT
by
Sub-Driver
(Proud member of the Republican wing of the Republican Party)
To: Sub-Driver
This is a lame attempt to scare down the prices but if they really wanted to do that then they should actually target someone within their jurisdiction. They could pass a law forcing speculators on the exchange to justify their assessments and the Global Warmers to justify their animated computer models of global warming.
34
posted on
05/20/2008 11:18:05 AM PDT
by
tobyhill
(The media lies so much the truth is the exception)
To: Sub-Driver
Next: Congress plans to sue Osama Bin Laden for violating Pakistani goats’ civil rights.
35
posted on
05/20/2008 11:18:45 AM PDT
by
rfp1234
(Phodopus campbelli: household ruler since July 2007.)
To: jpl
Nicely put...
I couldn’t have said it any better.
It’s depressing.
And then we’ll probably get Obama...
36
posted on
05/20/2008 11:19:52 AM PDT
by
ltc8k6
To: CDHart
37
posted on
05/20/2008 11:19:58 AM PDT
by
Sub-Driver
(Proud member of the Republican wing of the Republican Party)
To: Sub-Driver
Sent to you by the elected adolescents in Washington, DC.
38
posted on
05/20/2008 11:20:06 AM PDT
by
chainsaw
( No black racist Muslims in the WH either)
To: Sub-Driver
Wow, that will show OPEC. This governement is so embarassing it's a joke. T.Boone Pickens had a quote in this month's Fast Company the described them well. About Congress he said "The leadership is absoluely, totally pissy in Congress -- a real conglomeration of fruitcakes. I mean pitiful people."
To: Sub-Driver
Talk about style over substance...
40
posted on
05/20/2008 11:22:25 AM PDT
by
metesky
("Brethren, leave us go amongst them." Rev. Capt. Samuel Johnston Clayton - Ward Bond- The Searchers)
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