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$$ off OPEC, but what are they going to do, raise prices? Watched a report on the news this morning that said now $200.00 a barrel and 5.00 for gas (no mention of diesel) by this fall. Also, who sets the price for oil recovered in America? I keep hearing that its the speculators driving up the price so are we suing the wrong people?:dunno:
What are y'alls thoughts on this?
Craig
WASHINGTON (Reuters) - The House of Representatives approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working to set crude prices, but the White House has threatened to veto the measure.
The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow. The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.
(Reporting by Tom Doggett; Editing by David Gregorio)
I think that this might pi$$ 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?:dunno:
What are y'alls thoughts on this?
Craig