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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.
but the White House threatened to veto the measure.
Originally posted by scarlett1125
The fact is that not everything is subject to free enterprise. Utilities are different. Food is different. There are certain things that should not be subject to the free market because they are necessities. On the other hand, one could make the case that this will force us to find other ways of creating energy. But I don't think we've achieved that so far. Maybe when the price $8/gallon, we'll do something.
Originally posted by xxpigxx
reply to post by garyo1954
I do not understand, though, how it can be considered free enterprise if oil is a necessity, and the price is set on pure speculation.