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House passes bill to sue OPEC over oil prices

Discussion in 'Political Discussion' started by Holy Diver, May 20, 2008.

  1. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    really????

    http://news.yahoo.com/s/nm/20080520/ts_nm/congress_opec_dc

    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 lawmaker said Americans "are at the mercy" of OPEC for how much they pay for gasoline, which this week hit a record average of $3.79 a gallon.

    The White House opposes 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."




    Obviously Bush will veto this.....
     
  2. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Last edited: May 20, 2008
  3. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Oh!
    Now the US needs an internatinal court? RIOT!:rofl:
     
    Last edited: May 20, 2008
  4. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    If it were (W) he'd just start his own court ala Gitmo.
     
  5. Siddiqi

    Siddiqi Practice Squad Player

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    Blaming OPEC is easy, but let's not forget that the US has shut down 2 oil refinaries since 2003, and what about crappy fuel efficiency in our cars. Too bad we can't pass legislation mandating that US automakers increase fuel efficiency standards. What I really want to know is who is doing the speculation causing the price of oil to be so high.
     
  6. PressCoverage

    PressCoverage Banned

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    Probably M. King Hubbert.
     
  7. fleabassist1

    fleabassist1 In the Starting Line-Up

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    This is total and utter BS. The house = the ones responsible for the oil prices. What about all the oil in Florida... Georgia... Alaska... Gulf of Mexico...

    WHY LIMIT THE OIL COMPANIES AND THEN SUE THEM FOR IT?!?


    Free trade with oil is a bogus statement.
     
  8. fleabassist1

    fleabassist1 In the Starting Line-Up

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    #12 Jersey

  9. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Bingo...........
     
  10. Real World

    Real World Moderator Staff Member

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    I saw this article and laughed. Suing OPEC? How about us citizens sue our government? How bad can our elected officials get. Instead of doing something in the last 30+ years, they wait till gas is almost $4 a gallon, and oil is $130 a barrell, to come up with this wonderfull, forward thinking, common sense, tangiable solution, of suing OPEC. :rofl:

    Gas should be under $2 real soon. Great work guys! :bricks:
     
  11. Siddiqi

    Siddiqi Practice Squad Player

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    Another thing I forgot to mention is that there is no oil shortage. There is more than enough oil in the marketplace so even if more oil were to magically enter the marketplace, it wouldn't change the price we pay at the pump by much. The heart of the problem is how much oil is artifically being valued at, hopefully this bubble will burst soon just like the housing market bubble popped.
     
  12. otis p. driftwood

    otis p. driftwood Experienced Starter w/First Big Contract

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    Some financial people I've read have suggested this will happen, fairly soon in fact (soon being, of course, relative). The $130-$150 bubble will become the new $70 price, which still won't do much to lower gas prices, I don't think. They've gotten the taste for it now.
     
  13. STFarmy

    STFarmy In the Starting Line-Up

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    This suing OPEC thing is a dog-and-pony show. The politicians think (correction, know) that most people will applaud this kind of action, even though it is meaningless. They're doing what they think we want to see. The problem is that we need solutions, not meaningless grillings of oil execs and ridiculous lawsuits that will never manifest anything.

    Oh to have people in Washington that would care about something other than themselves and power for their party.
     
    Last edited: May 21, 2008
  14. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    American Politicians
    The Lowest Form Of Life
    On The Planet.

    The Grinning Vile Vermin Swine
    Are On The Road To
    Destroying America

    God Will You Suffer
    And Yearn For The Days
    Long Gone

    Praise Jesus
    God Willing The American Politician
    Will Drown At 4 AM In His Own
    Filth And Bile

    Harry2008
     
  15. Stokes

    Stokes In the Starting Line-Up

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    This is such a stupid idea I feel like this article should be in The Onion.
     
  16. STFarmy

    STFarmy In the Starting Line-Up

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    Haha that's very funny.
     
  17. PressCoverage

    PressCoverage Banned

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    Based on what? Where are you getting your information? Is oil not finite? Do you deny we're at Peak? Define "shortage," as it relates to what you mean here please? The U.S., or the world? And, a shortage related to today's consumption?

    Is it not true that the biggest oil field in the world now requires bottle-brush drilling? Oil giants for decades utter a common mantra to eachother whenever they meet for conferences, like Berlin in '04 and Paris in '03... it goes something like this:

    "When Ghawar dies, the world if officially decline."

    Ghawar is on life support.
     
  18. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Attention:
    Everybody in America, Memorial Day Weekend STAY HOME DON'T MOVE YOUR CAR from Friday Night until Monday morning, let the gas Back Up On The bastards.

    Have a cookout, drink lots beer, when it gets dark lay down on your lawn, on your back and LOOK UP at the heavens, you will be amazed.

    GOD WILLING DEATH TO THE F-CKING OIL COMPANY'S


    :bricks:
     
  19. Siddiqi

    Siddiqi Practice Squad Player

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    In the sense that you can go to the gas pump and get gas unlike the oil embargo in the 1970's where people waited in line for hours to get gasoline. Aside from the known oil fields in the world, I'm betting that there are other oil fields that we don't even know about yet. The reason we are drilling for oil in the places we are drilling for it is because these are the easiest places to get them from. As technology progresses, we'll get better at finding new sources of oil and refining them as well as developing alternate energy means and for our lifetimes, at least, I don't think we need to worry about running out of oil and if we do, it's not like we can do much about it.
     
  20. PressCoverage

    PressCoverage Banned

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    i meant to type "is officially in decline"... sorry...
     

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