Could this make things worse?

[TexasR.N.]

I read this on Reuters News Wire

WASHINGTON (Reuters) - The House of Representatives approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working to set crude prices, but the White House has 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 legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.

(Reporting by Tom Doggett; Editing by David Gregorio)


I think that this might pi$$ off OPEC, but what are they going to do, raise prices? Watched a report on the news this morning that said now $200.00 a barrel and 5.00 for gas (no mention of diesel) by this fall. Also, who sets the price for oil recovered in America? I keep hearing that its the speculators driving up the price so are we suing the wrong people?
What are y'alls thoughts on this?
Craig

[DavidPhillips]

This is merely the beginnings of world war three. As always we will side with Israel.
Bin Laden made the statement of causing the US to pay $200 for oil. He might not have caused it directly but he was right.

That's just the way it is. We have to accept it and move on.

The prices will go up when more oil is needed than what is for sale. Does not matter if it's real or not. We are in fact running out of usable oil and have been for some time but people choose not to believe this. The demand always goes up and the supply always goes down.

[sldghamr]

we have the tech right now to turn coal and turn it into oil. there is enough coal in the country to last about 100 years. if we started on this right now, fuel prices would plummet over night.

[farmboypowerstroke]

Originally Posted by sldghamr

we have the tech right now to turn coal and turn it into oil. there is enough coal in the country to last about 100 years. if we started on this right now, fuel prices would plummet over night.

Well what the heck are we waiting for? LETS START!!!!

[leevalley]

Also did you know that there are billions of barrel of oil that are just sitting in the north the wells are drilled the oil is there justs waiting for the enviromental studies and impact studies and all the hoops it takes to build a pipeline up there, we just have to get the tree huggers to let the pipeline go through.

[Dirk]

Just wait until we can fully explore off shore drilling.

[MrJohnWayne]

Originally Posted by Dirk

Just wait until we can fully explore off shore drilling.

this is true. There are larger oil deposits under the ocean than kuwait etc... could ever dream of having. Problem is the depths. we will get to it eventually, and one day it will run out too but not anytime soon and for damn sure not soon enough for prices to be this high!

[TexasR.N.]

Originally Posted by DavidPhillips

This is merely the beginnings of world war three. As always we will side with Israel.

And you drug Israel into this because............................?

Craig

[DavidPhillips]

I didn't. They have been in it since Abraham (Abram) had to kick his maid Hagar out of the household to please his wife Sarai and began the separation of the brothers Isaac and Ishmael or the tribes of Israelites from the tribes of Ishmaelites (Arabs).

I'm not saying it's a good or bad thing. Just saying that's the way it is.

[TexasR.N.]

Originally Posted by DavidPhillips

I didn't. They have been in it since Abraham (Abram) had to kick his maid Hagar out of the household to please his wife Sarai and began the separation of the brothers Isaac and Ishmael or the tribes of Israelites from the tribes of Ishmaelites (Arabs).

I'm not saying it's a good or bad thing. Just saying that's the way it is.

Okay, I see what you are talking about.
Craig