House of Reps passes bill to sue OPEC

[JaJae]

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.

House passes bill to sue OPEC over oil prices | Reuters

Personally I think this is a horrible idea. We have no authority to sue them as far as I'm aware. It's a political statement that is only going to hurt us. Hopefully the Senate is more reasoned.

[David Octavius]

Originally Posted by JaJae

House passes bill to sue OPEC over oil prices | Reuters

Personally I think this is a horrible idea. We have no authority to sue them as far as I'm aware. It's a political statement that is only going to hurt us. Hopefully the Senate is more reasoned.

I dunno if its a horrible idea, but I do think its dumb. They should take the time and resources that will take to sue them to find ways to find alt avenues so we can get away from needing them

Edit - The only reason they are doing it is to score cheap political points...boooo on our politicians

[JaJae]

Originally Posted by David Octavius

Edit - The only reason they are doing it is to score cheap political points...boooo on our politicians

I agree. I don't think they have our best interests in mind here. I think they're just trying to get points to pad their resumes for when they're up for re-election and so they can tell their constituents that they're fighting OPEC to get gas prices down.

[motivez]

Is this the same bill I posted a thread about with Hillary supporting it?

If so, it's pretty stupid. I mean, we're only going to be hurting ourselves if we try to enforce it really.. they could always decide to stop selling to us and it'd screw us over royally.

[Ardentfrost]

House passes bill to sue OPEC over oil prices | Reuters

House passes bill to sue OPEC over oil prices

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."

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.

This seems like foolishness. You can't FORCE a country to give up more of its oil. It belongs to them!

I'm glad the White House is likely to veto the bill, but who knows what'll happen in November.

[6SpeedTA95]

This is absolute stupidity. A political statement, how about our PAID politicians do something worth a damn for once.

[thewise1]

Originally Posted by 6SpeedTA95

This is absolute stupidity. A political statement, how about our PAID politicians do something worth a damn for once.

In some ways I feel like I'm ok with this purely because they weren't fucking up something that they actually have control over during the time they passed this

[DosEquis]

one thing that amazed me was the overwhelming support for it...via 324-84.

[kinggovernor]

Originally Posted by DosEquis

one thing that amazed me was the overwhelming support for it...via 324-84.

who wants to be on the side of big oil when you know nothing is going to come out of it

[6SpeedTA95]

Originally Posted by DosEquis

one thing that amazed me was the overwhelming support for it...via 324-84.

It shows how rapantly stupid our congressmen are and just how stupid they think we are.

[7960]

It would be so nice if politicians did what they were supposed to do, rather than going around finding this feel-good "It'll help my re-election campaign" shit.

[6SpeedTA95]

Originally Posted by 7960

It would be so nice if politicians did what they were supposed to do, rather than going around finding this feel-good "It'll help my re-election campaign" shit.

yup

[seangone]

I think people underestimate the power of the US market. I've often thought that the government could use this vast consumer pool as leverage to persuade international bodies to abide by the will of the consumers. They need us just as much if not more than we need them.

[JaJae]

Originally Posted by seangone

I think people underestimate the power of the US market. I've often thought that the government could use this vast consumer pool as leverage to persuade international bodies to abide by the will of the consumers. They need us just as much if not more than we need them.

With or without us they will sell their oil. We need them more than they need us.

[6SpeedTA95]

Originally Posted by seangone

I think people underestimate the power of the US market. I've often thought that the government could use this vast consumer pool as leverage to persuade international bodies to abide by the will of the consumers. They need us just as much if not more than we need them.

The market keeps things in balance with rare exception. The government has no business regulate profits in most if not all industries.

If tv manufacturers have profit limitations strapped on them they will quit selling here. If someone else can do it cheaper they will and they'll make the money and gain the market share. Thats the beauty of the free markets. The one area that I think some regulation is needed is healthcare and power generation.