House Passes Bill to Sue OPEC Over Oil Prices
We could sue the oil producing states when the price of gasoline gets “too high” for us, thereby encouraging the states to withhold supplies to the American market and also encourage another escalation in “protective” tariffs and other job destroying moves……or if push comes to shove we might consider drilling for oil right here in the Land of the Free and the Home of the Brave.
Just a thought.
~~John Cronin~~
http://www.reuters.com/article/topNews/idUSWAT00953020080520?
feedType=RSS&feedName=topNews&rpc=22&sp=true
By Tom Doggett
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.
May 21st, 2008 at 3:58 pm
What a bunch of idiots, excuse me. I want my tax dollars refunded. Idiocy.
May 21st, 2008 at 4:22 pm
Do the guys in Washington get dumber the longer they are there??? Sue????? WHY???? Like Opec will care!!!! They will just sell to someone who will not SUE them. Why not vote to lift the 30 year moratorium and DRILL our own oil and be less dependant on OPEC. Now that would take back bone and brains.
May 22nd, 2008 at 8:05 am
As a lawyer, I love it! Where do I sign up? As a undrug-crazed and sober American I have to ask, “so if we win our trillions of dollars,” how do we collect? The US Army?” (I’m sure that Russia and China would stand bye while we invade Saudi Arabia). Since most of our oil imports do NOT come from the Middle East, then it follows that they do not have to do business with us and can still keep oil near $100 bbl. Can anyone else on the planet see that the Emperor is naked?
To wax scriputurally, Congress’ actions remind me of the New Testament words “ever learning and never able to come to a knowledge of the truth?” The best minds of the Democrat party are going to resolve our oil crisis (that’s the first time I’ve used that word) by hiring lawyers to sue foreign nations! OMG, drill idiots, drill! Why is this not a campaign issue for the Republican party? Even a child can see how ludicrous this legislation is, and will hold Democrats reponsible for it.
May 22nd, 2008 at 8:18 am
I’m sorry, I have to do a follow-up here. Little ol’ me from Spring, Texas, is going to give you all THE SOLUTION TO OUR OIL CRISIS. Yes, more efficient autos help but let’s not delude ourselves with enviro-fantasies. They cannot and will not reduce demand sufficiently. We need oil. Yes, and like most of you, I hate to see the cost of gas going through the ceiling (BTW, it was less than a decade ago when enviro-whinners in California called for $5/gl gas to save the Earth–happy now?), but I don’t want to tax oil companies for doing what they are in the business of doing: making money. No, in fact, I propose to do the following: Set today’s domestic production as a base (including off shore drilling on our coasts, etc.). Next, tell the oil companies that, for the next 25 years, all production exceeding this base will be tax free! If they go out and explore and find more pockets, they will then have the incentive to quickly pull the resource from the ground so that they can sell it tax free! This acts as a triple impetus to lowering fuel prices: (1) no taxes to pass on to the pump; (2) an even greater tax incentive to explore more and to produce more, putting pressure on supply/demand; and (3) a time-based incentive to oil companies act as quickly as possible to maximize the number of barrels of oil which would be exempt under the 25 year cap.
This is a logical plan and should be adopted. If you don’t like oil companies making even more money, then buy their stock and share in the profits.
May 22nd, 2008 at 10:40 am
This bill will be voted on for two reasons.
1. 2008 is an election year.
2. The bill helps retain power for the Federal government rather than letting the
marketplace settle the issue.
P.S. This way Uncle Sam gets to play Santa Claus to the public, rather than turning the oil cos. loose to do what they do best: discover, refine and market oil and gas.
May 22nd, 2008 at 6:08 pm
Giving a tax exemption to oil companies = retaining federal power? Hmm, maybe I need to rethink my independent streak.
Ah concerning allowing the market place settling the issue: I’m all for it, but the market place must be truly free for capitalism to prevail. If the government is involved in regulating that marketplace, then it makes little sense to say “let the market place settle the issue.”
My idea concedes government interference, but allows a large incentive to greater production.