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."
The administration said less oil going to refineries would limit available gasoline supplies and raise fuel prices.
Foreign investment in U.S. oil infrastructure has declined in the last decade. But the state-owned oil companies of several OPEC nations are owners of U.S. refineries, and those investments could be affected if the legislation becomes law, said Arlington, Virginia-based FBR Capital Markets Corp.
The bill also requires the Government Accountability Office to carryout a study on the effects of prior oil company mergers on energy prices.
The Senate would still have to approve the House measure.
The Senate previously approved similar legislation as part of a broad energy bill. However, the OPEC-suing provision was removed after White House opposition in order to get the underlying energy legislation signed into law.
Gahhhh...
Gahhhh...
Gahhh...
STOP BREATHING YOU'RE WASTING MY OXYGEN WITH YOUR STUPID!
The OPEC nations are soverign nations, they are not subject to US law! They can pretty decide not to produce any fucking oil at all and it would still be legal! Holy Flaming Cow Shit, this is the most pointless bullshit... You don't have the jurisdiction you asshats!
HAVE YOU LOST YOUR BLOODY LITTLE MINDS?!?
"it takes two sides to end a war but only one to start one. And those who do not have swords may still die upon them." Tolken
Yes, they have. Or rather they never had any to begin with. This is an election year and their constituants want to see something being done.
Much like the DHSand TSA give us the illusion of safety in airports and while flying, they're giving us the illusion of coming up with a plan to help us.
Saint Annihilus - Patron Saint of Dealing with Stupid Customers
Of course you can sue OPEC as outlined in this law. Given the tendency of Middle East companies to abuse labour and immigration laws in the Green Zone, I see no reason not to smack around a few. Because everyone was a big boy and read where this is to sue their local subsidiaries, right?
Not the wisest move, but I consider is lightyears more brainy than the Bush solution. 'Here's some nuclear power plants and plenty of fuel. Pwetty pwease more oil?'
Half-Damned, All Hero.
Tev: You're happy. You're Plotting. You're Evil.
Me: Evil is so inappropriate. I'm ruthless.
Tev: You're turning me on.
SirNitram wrote:
Not the wisest move, but I consider is lightyears more brainy than the Bush solution. 'Here's some nuclear power plants and plenty of fuel. Pwetty pwease more oil?'
Yeah, giving nuclear reactors to the Saudis is really just ensuring future target practice for Israeli pilots....
Chatniks on the (nonexistant) risks of the Large Hadron Collector:
"The chance of Shep talking his way into the control room for an ICBM is probably higher than that." - Seth
"Come on, who wouldn't trade a few dozen square miles of French countryside for Warp 3.5?" - Marina
And anyone thinking there's some inherent WRONG!!!! with suing over something ridiculous... Please consult the USA's track record on lawsuits. This one seems comparatively sane next to many.
The final thing is that.. This won't effect oil prices. OPEC does not sell to 'America Inc'. It sells to massive oil corporations which are multinational. Even if they somehow barred the US from getting oil, they'd be committing economic suicide as the price suddenly plummets, they renege on futures contracts, and oil begins piling up because you just removed the biggest market.
And the oil still flows south from Canada.
Half-Damned, All Hero.
Tev: You're happy. You're Plotting. You're Evil.
Me: Evil is so inappropriate. I'm ruthless.
Tev: You're turning me on.
