House passes bill to sue OPEC over oil prices
Tue May 20, 2008 2:27pm EDT
Reuters Story
Excerpt:
By Tom Doggett
WASHINGTON - 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.
((END EXCERPT))
Uh, first of all WE KNOW OPEC works in concert on oil, OPEC means " Organization of the Petroleum Exporting Countries". That they control a vast amount of petroleum reserves is nothing new.
Secondly, when we KNOW a large portion of OPEC member nations don't like us to begin with, it is, at best foolish, at worse, recklessly negligent to piss them off by threatening to sick lawyers on them.
(((SECOND EXCERPT {SAME SOURCE})))
The bill also requires the Government Accountability Office to carryout a study on the effects of prior oil company mergers on energy prices.
((End Excerpt))
Oh, so, since Standard Oil was broken up, by the government, should we blame Senator Jay Rockefeller? It is obviously the fault of those who made (inherited) fortunes from Oil Companies...
Tue May 20, 2008 2:27pm EDT
Reuters Story
Excerpt:
By Tom Doggett
WASHINGTON - 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.
((END EXCERPT))
Uh, first of all WE KNOW OPEC works in concert on oil, OPEC means " Organization of the Petroleum Exporting Countries". That they control a vast amount of petroleum reserves is nothing new.
Secondly, when we KNOW a large portion of OPEC member nations don't like us to begin with, it is, at best foolish, at worse, recklessly negligent to piss them off by threatening to sick lawyers on them.
(((SECOND EXCERPT {SAME SOURCE})))
The bill also requires the Government Accountability Office to carryout a study on the effects of prior oil company mergers on energy prices.
((End Excerpt))
Oh, so, since Standard Oil was broken up, by the government, should we blame Senator Jay Rockefeller? It is obviously the fault of those who made (inherited) fortunes from Oil Companies...
