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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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I'd like to sue Congress for being stupid.........
1 posted on 05/20/2008 10:57:54 AM PDT by Sub-Driver
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To: Sub-Driver

Oh, brother. What an embarrassing government we have, I swear.


2 posted on 05/20/2008 11:00:34 AM PDT by jpl ("Don't tell me words don't matter." - Barack Obama, via Deval Patrick)
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To: Sub-Driver

this is way beyond stupid. nancy and her winged monkeys outdid themselves on this.


3 posted on 05/20/2008 11:00:49 AM PDT by kingattax (99 % of liberals give the rest a bad name)
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To: Sub-Driver

The sand dunes are alight with the sound of laughing.....


4 posted on 05/20/2008 11:00:53 AM PDT by AngelesCrestHighway
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To: Sub-Driver

I’d like to sue Wisconsin for electing a bona fide nitwit.


5 posted on 05/20/2008 11:01:35 AM PDT by Sgt_Schultze
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To: jpl

Oh. Yea. This will help. Idiots.


6 posted on 05/20/2008 11:01:55 AM PDT by WarToad
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To: jpl

Oh. Yea. This will help. Idiots.


7 posted on 05/20/2008 11:02:00 AM PDT by WarToad
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To: Sub-Driver

Just when you thought our Congress couldn’t act any dumber...


8 posted on 05/20/2008 11:02:28 AM PDT by Slapshot68
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To: Sub-Driver

Next up will be a bill to allow us to sue nature for being too hot or too cold. Makes you really proud of our liberal controlled congress dosen’t it?


9 posted on 05/20/2008 11:02:32 AM PDT by anoldafvet (To liberals, building a wall across the Mexican border is a violation of the Voting Rights Act.)
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To: WarToad

Oops. Jpl, that wasn’t addressed to you. That was to the idiots in our Government.


10 posted on 05/20/2008 11:03:54 AM PDT by WarToad
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To: Sub-Driver

WTH?? You have got to be s*****g me...

Who on our side of the isle was stupid enough to go along with this?

In retaliation they will close the spicket a little, just for the sheer hell of it and because they can.


11 posted on 05/20/2008 11:04:02 AM PDT by Abathar (Proudly posting without reading the article carefully since 2004)
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To: Sub-Driver

Absolutely brilliant (/s). What happens when those countries say “screw you we ain’t selling to you anymore”?


12 posted on 05/20/2008 11:04:42 AM PDT by Domandred (McCain's 'R' is a typo that has never been corrected)
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To: Sub-Driver

The do nothing Congress never ceases to amaze me. They won’t touch ANWR, but they will sue OPEC.


13 posted on 05/20/2008 11:05:25 AM PDT by ConservaTexan (February 6, 1911)
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To: Sub-Driver
Now what will congress do when OPEC refuses to sell to us because of potential legal liabilities? It's a return to Jimmah Carter days.
14 posted on 05/20/2008 11:05:42 AM PDT by tobyhill (The media lies so much the truth is the exception)
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To: Sub-Driver

This just proves the fact that the majority of our legilators are lawyers and can only think the way that lawyers think. Is there any wonder that we are in the mess that they have created?


15 posted on 05/20/2008 11:05:42 AM PDT by fella (Is he or is he murtadd? Only his iman knows for sure.)
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To: Sub-Driver

We elected these representatives. It’s our fault.


16 posted on 05/20/2008 11:06:20 AM PDT by RightWhale (You are reading this now)
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To: Sub-Driver

Were I an OPEC member, and if this passed, I would just say “What oil?” and sell elsewhere.


17 posted on 05/20/2008 11:06:47 AM PDT by Smokin' Joe (How often God must weep at humans' folly.)
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To: Sub-Driver

Jimmy Carter 2.0. Same Do Nothing then bitch about it Energy policy from the 1970s!

Want to really see red? Despite record demand for Oil world wide US Oil production is dropping! That Feds, thanks for clinging mindlessly to the trust fund baby Green Lobby pushed dogma of “Conservation not Consumption” Thanks for making us even more dependent on imported Energy Leftists!

http://tonto.eia.doe.gov/dnav/pet/hist/mcrfpus2m.htm


18 posted on 05/20/2008 11:07:09 AM PDT by MNJohnnie (http://www.iraqvetsforcongress.com ---- Get involved, make a difference.)
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To: Sub-Driver

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.


19 posted on 05/20/2008 11:07:43 AM PDT by technically right
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To: Sub-Driver
Does anyone know who the idiots are that voted for it?

Carolyn

20 posted on 05/20/2008 11:08:11 AM PDT by CDHart ("It's too late to work within the system and too early to shoot the b@#$%^&s."--Claire Wolfe)
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