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House Passes Bill To Sue OPEC over Oil Prices!

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posted on May, 20 2008 @ 05:38 PM
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reply to post by DimensionalDetective
 


You're kidding Me, right?



Um, so Congress is allowing OPEC to be sued?

Kind of like they allowed the cigarette cartels to be sued?

They have a direct and indirect hand within the entire process of how OPEC deals with us through their diplomacy and foreign policies. I'm not sure how them "suing" OPEC is going to do a thing but to show the mass populace of the world their crocodile tears and fake sympathies for the prices of gasoline which are now jumping up 20 cents every three days to a week now.

Gasoline here is $3.78 a gallon for Regular Unleaded.

I remember when it was 84 cents a gallon and My parents were griping then.


[edit on 20-5-2008 by SpartanKingLeonidas]




posted on May, 21 2008 @ 12:20 AM
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The article should be renamed to:

"House Passes Bill to Sue OPEC because Congress approval ratings are low and Bush will Veto anyways."

Seriously what a joke. Its not like Congress can do anything anyways about OPEC short of a war declaration.


"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.

(from OP article)

Maybe, Mr Congressgoon, you can say something about those speculators instead? Oh wait I forgot they practically own you.



posted on May, 21 2008 @ 01:03 AM
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reply to post by wutone
 


Oil has not gone up in price, it is the US dollar that is collapsing in value through self inflicted inflation. In other parts of the world gasoline has increased, but only very slightly.

Why not sue the Federal Reserve Bank for creating too many US dollars?.

Anyhow, the US congress has no jurisdiction over other sovereign Nations. .

Bush the decider seems nervous that it might be revealed how much money his Texas Oil buddies are gouging from the American motorist. We could not have the truth about that come out, could we?



posted on May, 21 2008 @ 01:15 AM
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reply to post by Britguy
 


Why are they making quadruple the profits then? Explain that please?

Oil prices have doubled, production costs have cut in half, net income has quadrupled.

Explain it please.

[edit on 21-5-2008 by Sublime620]



posted on May, 21 2008 @ 01:23 AM
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Originally posted by DimensionalDetective
And damn it already---Start investing more in ALTERNATIVE ENERGY already!


Well, here is a bit of good news on that topic in case you missed it:
2 Billion for wind power



posted on May, 21 2008 @ 03:17 AM
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Just America tryin to dictate to other countries, yet again, why do they need the house of representitives to tell them it's ok to sue??Isn't that what the WTO is for, to solve disputes 'n all that?They know they would lose if they played by the rules so as usual ye make up yer own!I cant wait for OPEC to collectivley and loudly say F*** YOU America, its your fault the prices are like this!



posted on May, 21 2008 @ 03:47 AM
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Originally posted by Sublime620
reply to post by Britguy
 


Why are they making quadruple the profits then? Explain that please?

Oil prices have doubled, production costs have cut in half, net income has quadrupled.

Explain it please.

[edit on 21-5-2008 by Sublime620]


Sure, the OPEC producers have seen a big increase in their profits, but they are not the ones driving the pricing. That is almost entirely down to the city speculators and they are laughing all the way to the bank. The government is also raking in huge amounts of additional duty due to the price hikes at the pump.

So, to try and put the blame for high prices on the producers is laughable.


I'm sure the OPEC members are having a good chuckle too at this attempt to shift the blame onto them.



posted on May, 21 2008 @ 07:36 AM
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Okay . . . you tell all the people who do not live in a 3rd world country that oil is not a necessity.

Oh, and those 1 liter bottles in that 3rd world country example you gave. . . made with oil . . . but it is not a necessity







posted on May, 21 2008 @ 08:40 AM
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reply to post by DimensionalDetective
 


The bill says it would also take action against Iran with US anti trust laws
the united states has no diplomatic relations with the country or purchases any oil from them. so i am curious how would this work? (if it isnt vetoed by bush and pals)



posted on May, 21 2008 @ 08:53 AM
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This is farcical. The speculators set the price of oil so why aren't they suing the suits on Wall Street? As for suing the OPEC nations for limiting supplies of oil, the US needs to wake up and realise that other countries can do whatever they want with the things they own.

Find another source of energy, build more nuclear plants, invest in a huge array of solar panels in the desert, do something proactive to end the dependence on foreign oil. Complaining that the system and rules that the US was largely instrumental in putting into place is no longer tilted in their favour solves nothing.



posted on May, 21 2008 @ 09:26 AM
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I didn't read all responses and I'm not defending 'big oil' -- but, our prices mainly come down to the devaluation of the dollar. The more worthless our garbage paper money is, the more it costs to buy a barrel of oil. Simple as that, imo.

The oil companies seem to be making unreal and unfair profits, but compared to prior profits, say 10-20 years ago, based on the true value of the dollar, I'll wager it's close to being equivalent in actual worth.

I feel this is just another worthless move by this Congress to use later to say to all the remaining sheeple, 'look here! We tried to do something...'

... while currently, it's a good distraction as being so assinine that it takes attention away from the war finding bill currently being discussed, which has illegal alien amnesty BS tacked onto it; Feinstein trying to sneak it by the American public once again. We already said NO, once!! We shouldn't have to go thru contacting these idiots to stop it again.


Senate panel approves Iraq war funding bill

For instance, Congress including in the domestic-programs amendment a provision that would help pave the way for undocumented agriculture workers to win legal status, an amendment that could reopen Congress’ rancorous debate over immigration policy.

The supporters of the so-called Ag-Jobs measure, Sens. Dianne Feinstein (D-Calif.) and Larry Craig (R-Idaho), say the five-year program is needed to keep farms operating and crops growing. The provision was added by a 17-12 vote.

But critics say that it amounts to amnesty for people who entered the country illegally, and warn that it could imperil support for the underlying bill.

Sen. Ben Nelson of Nebraska, a conservative Democrat who voted against the Feinstein-Craig amendment, said it raises a “red flag.”


I believe there is still time to contact your Reps on this issue here, via fax, via internet...

www.numbersusa.com... (just a valid phone # required to send a fax)

And then you can check out The "Kick Them All Out" Project and find all your Reps. who are primed for the boot...

I got most if not all this linked info thru my posts at The Hal Turner Report.

[edit on 5/21/2008 by RabbitChaser]



posted on May, 21 2008 @ 09:37 AM
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this will only hurt prices ...not help.

OPEC and the oil rich nations HATE the U.S. That is why prices have risen. They are all pissed off at us for invading Iraq and that idiot Bush. They have all banded together to inflate prices and ruin the U.S. ecomomy.

If you cannot invade a country then hurt them where it hurts the most...in the wallet.

We will NEVER see prices go down ever again.





posted on May, 21 2008 @ 09:58 AM
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reply to post by Britguy
 


Yeah, it's so laughable.


I mean, how could I suspect the oil companies price gouging when they have quadrupled net income off of doubled earnings. But hey, like everyone says... they are using all of that money to find us new oil.

Oh wait, no they aren't, they are using it to buy common stock and make their EPS ratio look good.



posted on May, 21 2008 @ 10:03 AM
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Originally posted by Alpha Grey
OPEC and the oil rich nations HATE the U.S. That is why prices have risen. They are all pissed off at us for invading Iraq and that idiot Bush. They have all banded together to inflate prices and ruin the U.S. ecomomy.


I have to disagree here, the traders set the oil prices, not OPEC.


Every day, traders, buyers and sellers of oil, evaluate supply and demand, look at the outlook for oil producers and consumers, analyse political and economic risks, and look for any news that could impact the market, such as a hurricane heading toward the Gulf of Mexico.
Using sophisticated mathematical models, the day's news, rumours and gut feelings, they bid crude prices up or down.


Source

If you look at the production figures for OPEC here then you see that they have increased production over the last year but it is the oil traders (and to a lesser extent the US dollar slump) who are pushing up the prices.



posted on May, 21 2008 @ 10:43 AM
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Guys, didn't you read the article? The reason the White House is threatening to veto the measure is because they are worried that oil producing countries will retaliate and make it MUCH harder on Americans than it is now.

"But the White House said such suits could spawn retaliatory measures by oil-producing countries and 'lead to oil supply disruptions and an escalation in the price of gasoline, natural gas, home heating oil.' "

www.msnbc.msn.com...

Please, if you're going to debate something, debate it with ALL of the facts, not just the ones that interest your political party affiliation.



posted on May, 21 2008 @ 10:44 AM
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Drama for the public. Nothing will change. 15 a gallon coming to a pump near you.



posted on May, 21 2008 @ 10:49 AM
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Originally posted by Alpha Grey
this will only hurt prices ...not help.

OPEC and the oil rich nations HATE the U.S. That is why prices have risen. They are all pissed off at us for invading Iraq and that idiot Bush. They have all banded together to inflate prices and ruin the U.S. ecomomy.



That's a completely assinine statement I would expect from someone uneducated about the economy. If you really want to know what's driving gas prices you only need to look as far as a basic economic principal - supply and demand. You have emerging middle class economies in India, China and other places throughout the world. Middle classes want cars and homes. Cars need gas and homes need oil for heating. Demand increases and if supply can't keep up, the price increases.

That's not to say there might be SOME price fixing going on, and yes there should be an investigation. But to blame Bush for the spike in oil prices is the lament of the uneducated or the truly stupid. You might as well blame Bush for global warming, the fact that your car won't start this morning and the AIDS epidemic while you're at it.



posted on May, 21 2008 @ 11:06 AM
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Originally posted by sos37
If you really want to know what's driving gas prices you only need to look as far as a basic economic principal - supply and demand. You have emerging middle class economies in India, China and other places throughout the world. Middle classes want cars and homes. Cars need gas and homes need oil for heating. Demand increases and if supply can't keep up, the price increases.


This guy has an interesting take on the rising price of oil. According to his figures supply is currently outpacing demand.


So supply is up; relative demand is down and yet, the price of oil is soaring. What's going on? Last week, Exxon Mobil CEO Rex Tillerson blamed a third of the recent run up in oil prices on the weak dollar, another third on geopolitical uncertainty, and the rest on market speculation.



posted on May, 21 2008 @ 11:12 AM
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Originally posted by sos37
That's a completely assinine statement I would expect from someone uneducated about the economy. ............But to blame Bush for the spike in oil prices is the lament of the uneducated or the truly stupid.



First off learn how to spell "asinine" fool. if you want to get into an insult war bring it on !!

Secondly I would bet that my education level is much higher than yours.....Did I call you stupid ?? did I call you "uneducated" ???

No I did not. yet you do it to me based on what I feel about the whole gas-price fixing issue.

Insults come from when a nerve is hit and the offended feels backed into a corner.

Enjoy your corner.

Go troll somewhere else.




[edit on 21-5-2008 by Alpha Grey]



posted on May, 21 2008 @ 11:27 AM
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We are truly screwed. This is the best our fearless leaders can come up with? We might as well go down to San Francisco and join the pray in for lower gas prices. And if they don't go any lower we should sue god.





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