House OKs Suit Against OPEC Over Prices
Measure Passes 345-72, But White House Objects, Saying It Might Disrupt Supplies
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Eddie Engels of Chicago finishes pumping over $83 of gas into his GMC Yukon, May 15, 2007, near downtown Chicago as gas prices continue to soar. (AP)
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The White House objected, saying that might disrupt supplies and lead to even higher costs at the pump. The Organization of Petroleum Exporting Countries is the cartel that accounts for 40 percent of the world's oil production.
“We don't have to stand by and watch OPEC dictate the price of gas,” Judiciary Committee Chairman John Conyers, D-Mich., the bill's chief sponsor, declared, reflecting the frustration lawmakers have felt over their inability to address people's worries about high summer fuel costs.
The measure passed 345-72. A similar bill awaits action in the Senate.
Separately, at a House hearing, lawmakers were told that crude oil prices have played a relatively minor role in the sharp increase in gasoline costs over the last three months, putting the blame on lower gasoline imports, refinery outages and continuing growth in demand from motorists.
Gasoline prices “may ease somewhat,” Guy Caruso, chief of the Energy Department's statistical agency, told the House Energy and Commerce investigations subcommittee. But he said pressure on gas prices will remain strong “with the hurricane season approaching, continued tight refinery conditions, low gas inventories and increased demand for summer travel.”
Nevertheless, the House felt it was important to take on OPEC, whose member states last t year agreed to cut production by 1.1 million barrels a day to counter what had been a buildup of world oil stocks.
Conyers accused the OPEC engaging in a “price fixing conspiracy” that has “unfairly driven up the price” of crude oil and, in turn gasoline.
His measure would change antitrust laws so that the Justice Department can sue OPEC member countries for price-fixing, and would remove the immunity given a sovereign state against such lawsuits.
But the White House said President Bush will be advised to veto the bill should it pass Congress because such suits could spawn retaliatory measures and “lead to oil supply disruptions and an escalation in the price of gasoline, natural gas, home heating oil.” global oil production.
Lawmakers have been frustrated over their inability to counter the surge in gasoline prices that last week averaged just under $3.22 cents a gallon, within a half penny of an historically inflation-adjusted high in March, 1981.
“As politicians ... there's no other issues of greater interest to us than gasoline prices and the impact it's having on the American public,” said Rep. Ed Whitfield, R-Ky., at a hearing by the House Energy and Commerce investigations subcommittee.
Rep. Bart Stupak, D-Mich., the panel's chairman, told of a person in his district complaining that gas had increased 21 cents a gallon over 10 hours this past weekend.
But the latest price surge at the pump may have had little to do with OPEC oil production.
“Increased crude oil prices have played a relatively minor role in (the recent) increase in retail prices,” William Kovacic, a member of the Federal Trade Commission, told Stupak's subcommittee. He said the price of benchmark West Texas crude increased no more than 15 cents a gallon over the last three months, while retail gas prices jumped 80 cents to 90 cents a gallon, depending on location.
“Big Oil is often quick to blame world crude oil prices, but that argument doesn't appear to be the full story,” said Stupak.
“While consumers pay record prices, oil companies are making record profits,” said Stupak. Refinery profits have jumped sharply to as much as 70 cents for every gallon of gasoline produced, he said.
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See all 58 CommentsWhat about Exxon-Mobile, Chevron_Texaco, BP, Halliburton, and other global corporate oil pirates?
I think Mr. Conyers is on the wrong track here. He should concentrate on bringing more members of the Bush regime before a judge. First things fiirst.
While you're at it, you can sue all the enviromental groups for forcing all the oil rifineries in the country to shutdown.
THEN we'd see just how they're NOT price gouging the American consumers. Oil price at the barrel head is at levels approx. what they were in January, yet we're hitting record levels at the pump currently. We need the Democrats, who NOW control Congress to step up to the plate and do something about this issue --a MAJOR & IMPORTANT
issue -- unlike some of the purely political issues that mean absolutely nothing in the long range of things.
The dollar has deteriorated in value because of the tremendous budget deficit and the continuous borrowing from the treasury to keep paying the debt to the biggest creditors - the Japanese and the Chinese.
So the U.S. has worked out this special kind of "bookkeeping" arrangement with our two biggest bankers whereby they keep sending us cars and Wal-Mart stuff and poison for our pets and the consumers keep buying it and the U.S. keeps this cycle going until the consumer has no more money left on their credit cards and their houses can't be mortgaged any further and the padlocks appear on all the businesses and the gas stations are empty because no one can pay for it... well maybe you get the idea.
Electing a Democrat isn't going to change anything. What will change things is making sure our kids finish high school, especially our young women at a rate of 70% and enter politics as a womans party and start running the country as equals.
A wartime economy is something that should be a legacy for Adolph Hitler and George Bush.
But when the dollar stalls and thus --- going down for a while the price of oil and the market corrects. That's not happening much but the dollar seems to be in a trading range here and hasn't moved out of the 1.35 range yet.
So if the euro does break towards 1.40 to the dollar expect higher gas and stock prices as the American multinationals profit margins are growing and the U.S. trade deficit grows and grows.
This seems to be a run away freight train and now congress is talking about suing OPEC. Congress is a bunch of MORONS that no nothing about the economics of what's going on here abouy what drives oil prices higher.
To fix the problem the country would need a Warren Buffet type person to come in and clean up the mess and get things right starting with military spending and other such waste of taxpayer money. Then he'd have to make a plan for paying down the debt and make an austerity program as this country is the most dependent nation on Earth.
Is this some kind of joke? I must be reading the Sunday comics!!!
But the White House opposes the measure. It said such lawsuits could spawn retaliatory measures that might disrupt oil supplies and lead to even higher prices at the pump. Bush will be advised to veto the legislation should it reach him.
Of course Bush and his buddies will lose money if he doesn't veto it!!
But the White House opposes the measure. It said such lawsuits could spawn retaliatory measures that might disrupt oil supplies and lead to even higher prices at the pump. Bush will be advised to veto the legislation should it reach him.
Of course Bush and his buddies will lose money if he doesn't veto it!!
1- Windfall Tax against the Oil Companies;
2- Have every Oil Co. CEO forced to testify under oath to justify the oil prices;
3- Since we are at "war", if gas prices do not go down - say in 7-days - they will be investigated for war profiteering at a minimum, and/or charged with "aiding and abeting" the enemy, the CEO's should then be sent to Gitmo to stand trial for crimes against the U.S. and when they come to trial in about 6 months they will sing a different tune;
4- Find out what WAS discussed with Cheney for this country's energy policy.
Let's sue OPEC--yeah right. Lawyers as always will make money on this fool's errand, while the American public will continue to be raped by the oil companies.
What a joke our "leadership" in DC is.
There's one main problem with your war profiteering ideas. That's how the Bush family made their fortune - by selling weapons to both sides in both World Wars. Now it's Cheney and Bush that are doing it - I'd like to see the "severance package" that they're going to get from Haliburton when this is all said and done.
Just when you think they can't get any more stupid.
Corn ethanol only returns 1.3 unit of energy for every 1 unit expended to produce it. Other materials in development will hopefully yield 10-15 unit for every unit expend to produce it. This is where the Brazilians are with their sugar cane ethanol.
Corn ethanol only returns 1.3 unit of energy for every 1 unit expended to produce it. Other materials in development will hopefully yield 10-15 unit for every unit expend to produce it. This is where the Brazilians are with their sugar cane ethanol."
Posted by Terrapin78 at 09:59 AM : May 23, 2007
But true or false - are the Brazilians energy independent? TRUE - they don't have to import any foreign oil. I'm very hopeful that there will be other alternative fuels that would work much more efficiently, burn cleaner, less environmental impact, and are cheaper. Oil is also expendable, and WILL run out someday. Corn, sugar cane, switch grass, etc. can be grown, harvested, and replanted every year giving us an unending energy supply.
Note too that President Bush in the energy bill from a few years ago, didn't give nearly as much money to researchers / universities to find alternative energy sources. There were $85 billion dollars in the 2005 Energy Bill, but only $1.3 billion went for alternative fuels such as ethanol. His priority is, has been, and always will be big oil.
There has to be SOME reason that shortly after those meeting, King Bush the stupid decided to invade a VERY oil rich country.
We have never been able to get the truth about those meetings. Why not??
Of course we use more gas, the population continues to increase and im sure the number of commercial and private vehicles sold in the US every year is higher than the number dumped in salvage or in accidents.
The facts are that there are more fuel efficient vehicles on the road more than ever, more hybrids, more efficient technologies, more solar, wind, and alternative fuels for energy, more energy saving lighting sources etc.
Yes Americans as a whole have Long been making changes to conserve energy.
The Oil companies which also own and operate and dictate Gas stations, Distribution centers, and Refineries and oil production, are making profits on all of the above.
So when they say its not just oil on the stock market thats causing prices to go up, they are right, its all of their enterprises.
Direct correlation - Oil prices go up, Oil producing nations and OIl companies profits go up, Gas prices go up, oil companies gain more profits.
Oh, and Knowing that there is a natural progression in the number of vehicles on the road and miles driven, they purposely and knowingly limit refinery production and closed some down and opened No new ones just to squeeze americans more.
Posted by forthepeopl1 at 09:51 AM : May 23, 2007
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they cant kill millions of americans at once so if we charge them all at once we will win and take them out and hang them all..
just like in the old days of the west...hang them from the trees in front of the whitehouse and see how many start telling the truth about what they have done to all us americans..
Posted by forthepeopl1 at 09:47 AM : May 23, 2007
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if the american NOW dont stand up and start a NATIONAL REVOUTION ON THIS WASHINGTON BULL S/H/I/T/ THEN we as TRUE AMERICANS can say nothing!!!
its time to take all this *** and take our government back now..
We need to build a couple more refineries. We haven't built much since the 1970s. Given the # of cars today vs the 1970s and the fact that 1 refinery going offline can cause huge production problems, we are quite the sitting ducks in that respect.
I know there's a NIMBY attitude regarding location but that is the bottleneck in the supply chain more than anything.
http://www.gasbuddy.com
Because the puppet masters Bush/Cheney control Attorney General Gonzales and some corrupt Supreme Court Justices.
Our justice system is totally corrupt and Congress is powerless to do anything about it!
Just look at recent legislation passed by both houses to end the war in Iraq. Bully Bush vetoed that. He would rather see our troops do without bullets than leave the Iraqi oil!!!!
They're locking in their suppliers and those suppliers ARE NOT from the Middle East.
The GREATER thing though that the US Doesn't report on is that they also are becoming THE LEADER in ALTERNATIVE ENERGY.
CANADA is leading with fuel cells but their biggest buyer is CHINA not the US.
China is fast becoming the LARGEST PRODUCER of SOLAR TECHNOLOGY.
The US Midwest is a PRIME resource for WIND ENERGY but the REGULATIONS backed by the ENERGY companies IN THIS AREA nearly COMPLETELY PROHIBIT any PRIVATE INNOVATION and tightly limit corporate participation.
Jimmy Carter had it right by offering all the alternative energy incentives. It was the CORPORATE funded Republicans that were afraid they wouldn't be able to control the energy supply for profit and so they've shot the US public in the economic face. ENRON WAS ONLY THE SURFACE OF THAT TREASON. The American people are suffering - BECAUSE OF THE SHORT SIGHTED GREED OF THE FASCIST CORPORATE ELITE.
Posted by forthepeopl1 at 09:51 AM : May 23, 2007
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they cant kill millions of americans at once so if we charge them all at once we will win and take them out and hang them all..
just like in the old days of the west...hang them from the trees in front of the whitehouse and see how many start telling the truth about what they have done to all us americans..
Posted by forthepeopl1 at 09:47 AM : May 23, 2007
report abuse
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if the american NOW dont stand up and start a NATIONAL REVOUTION ON THIS WASHINGTON BULL S/H/I/T/ THEN we as TRUE AMERICANS can say nothing!!!
its time to take all this *** and take our government back now..
they are the ones that started this and we will finnish it now..we the people will take our country back and everyone in washington can sit there and thinks we the people are ok with what they are doing..go ahead and let them think that we are comming to take them out
Don't let GW know this or we will be invading Canada!
http://www.newamericancentury.org/
if you really want to know what is going on! Look at who the founders are and their mission statement.
http://www.newamericancentury.org/statementofprinciples.htm
Most of the US legislation is put forward by LOBBYISTS the largest group being BIG MULTINATIONAL CORPORATION funded. Those companies MAY HAVE STARTED IN THE US BUT HAVE LONG AGO DESERTED their allegiance to the US.
Check out how many have "gone offshore" to increase their profit. GE, Haliburton, etc. have moved their leadership to DUBAI since it's "tax free" and they can skirt regulations without risk of any government finding them "ENRON guilty".
It it's ridiculous, doesn't make the pig any more attractive and anyone that thinks it is has to be either blind or desperate.
And, in a year and a half, the company's much-discussed ties to the Bush administration will end when Bush leaves office. U.S. Vice President *** Cheney was Halliburton's previous chief executive.
"We do have a link to the current administration that will cure itself in the very near future," Lesar said.
Lesar arrived in Dubai on Saturday to begin his stewardship of the company from this Persian Gulf boomtown, home to dozens of international banks and corporations, including U.S. giants like General Electric, Microsoft, Goldman Sachs and Citibank. Halliburton is the first major western corporation to move its chief executive here.
We should switch to Canada and tell the Saudi's bye, bye. But we can't do that because all our politicians suck up to the arabs.
david a belanger,us army vet, for-america@hotmail.com
get it out.....get it out there
Posted by forthepeopl1 at 12:43 PM : May 23, 2007
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EVERYONE THAT WANTS TO HELP WITH THIS SHOULD BE TALKING TO ALL MEDIA OUTLETS AND TELLING THEM THAT AMERICANS ARE READY TO TAKE WASHINGTON ON AND ITS NOT A FEW AMERICANS ITMILLIONS OF AMERICANS THAT WILL TAKE BACK THERE COUNTRY..
I AM WILLING TO GIVE MY BLOOD FOR ALL AMERICANS TO GET OUR COUNTRY BACK TO WHAT OUR FORFATHERS WANTED.
AM A VET AND AM READY TO TAKE CHARGE OF THIS AMERICAN BOYCOT/COOP IF WE THE PEOPLE DONT DO THIS NOW WE WILL BE GIVENING UP ON OUR CONSTITUTION AND WHAT ALL OUR VET HAVE DIED FOR..
DAVID A BELANGER,VET US ARMY,for-america@hotmail.com
david a belanger,us army vet, for-america@hotmail.com
get it out.....get it out there
Posted by forthepeopl1 at 12:43 PM : May 23, 2007
+ report abuse
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EVERYONE THAT WANTS TO HELP WITH THIS SHOULD BE TALKING TO ALL MEDIA OUTLETS AND TELLING THEM THAT AMERICANS ARE READY TO TAKE WASHINGTON ON AND ITS NOT A FEW AMERICANS ITMILLIONS OF AMERICANS THAT WILL TAKE BACK THERE COUNTRY..
I AM WILLING TO GIVE MY BLOOD FOR ALL AMERICANS TO GET OUR COUNTRY BACK TO WHAT OUR FORFATHERS WANTED.
AM A VET AND AM READY TO TAKE CHARGE OF THIS AMERICAN BOYCOT/COOP IF WE THE PEOPLE DONT DO THIS NOW WE WILL BE GIVENING UP ON OUR CONSTITUTION AND WHAT ALL OUR VET HAVE DIED FOR..
DAVID A BELANGER,VET US ARMY,for-america@hotmail.com
david a belanger,us army vet, for-america@hotmail.com
get it out.....get it out there
Posted by forthepeopl1 at 12:43 PM : May 23, 2007
+ report abuse
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EVERYONE THAT WANTS TO HELP WITH THIS SHOULD BE TALKING TO ALL MEDIA OUTLETS AND TELLING THEM THAT AMERICANS ARE READY TO TAKE WASHINGTON ON AND ITS NOT A FEW AMERICANS ITMILLIONS OF AMERICANS THAT WILL TAKE BACK THERE COUNTRY..
I AM WILLING TO GIVE MY BLOOD FOR ALL AMERICANS TO GET OUR COUNTRY BACK TO WHAT OUR FORFATHERS WANTED.
AM A VET AND AM READY TO TAKE CHARGE OF THIS AMERICAN BOYCOT/COOP IF WE THE PEOPLE DONT DO THIS NOW WE WILL BE GIVENING UP ON OUR CONSTITUTION AND WHAT ALL OUR VET HAVE DIED FOR..
DAVID A BELANGER,VET US ARMY,for-america@hotmail.com
After emptying out the US treasury and shipping it to those "special buddies" of our TOP EXECUTIVE BRANCH RESIDENTS. Their misplaced trust might be catching up with them.
Either that or it's one last GREAT ILLUSION on the American Public Taxpayer.
Haliburton is deserting them and even announcing it.
Why don't I feel sorry for them??
they will here americans are comming americans are comming
also get it in all blogs across the internet that its time for a american coop.
david a belanger,us army vet, for-america@hotmail.com
get it out.....get it out there
Posted by forthepeopl1 at 12:43 PM : May 23, 2007
+ report abuse
---------------------------------
----------------------------------------
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EVERYONE THAT WANTS TO HELP WITH THIS SHOULD BE TALKING TO ALL MEDIA OUTLETS AND TELLING THEM THAT AMERICANS ARE READY TO TAKE WASHINGTON ON AND ITS NOT A FEW AMERICANS ITMILLIONS OF AMERICANS THAT WILL TAKE BACK THERE COUNTRY..
I AM WILLING TO GIVE MY BLOOD FOR ALL AMERICANS TO GET OUR COUNTRY BACK TO WHAT OUR FORFATHERS WANTED.
AM A VET AND AM READY TO TAKE CHARGE OF THIS AMERICAN BOYCOT/COOP IF WE THE PEOPLE DONT DO THIS NOW WE WILL BE GIVENING UP ON OUR CONSTITUTION AND WHAT ALL OUR VET HAVE DIED FOR..
DAVID A BELANGER,VET US ARMY,for-america@hotmail.com
they will here americans are comming americans are comming
also get it in all blogs across the internet that its time for a american coop.
david a belanger,us army vet, for-america@hotmail.com
get it out.....get it out there
Posted by forthepeopl1 at 12:43 PM : May 23, 2007
+ report abuse
---------------------------------
----------------------------------------
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EVERYONE THAT WANTS TO HELP WITH THIS SHOULD BE TALKING TO ALL MEDIA OUTLETS AND TELLING THEM THAT AMERICANS ARE READY TO TAKE WASHINGTON ON AND ITS NOT A FEW AMERICANS ITMILLIONS OF AMERICANS THAT WILL TAKE BACK THERE COUNTRY..
I AM WILLING TO GIVE MY BLOOD FOR ALL AMERICANS TO GET OUR COUNTRY BACK TO WHAT OUR FORFATHERS WANTED.
AM A VET AND AM READY TO TAKE CHARGE OF THIS AMERICAN BOYCOT/COOP IF WE THE PEOPLE DONT DO THIS NOW WE WILL BE GIVENING UP ON OUR CONSTITUTION AND WHAT ALL OUR VET HAVE DIED FOR..
DAVID A BELANGER,VET US ARMY,for-america@hotmail.com
they will here americans are comming americans are comming
also get it in all blogs across the internet that its time for a american coop.
david a belanger,us army vet, for-america@hotmail.com
get it out.....get it out there
Posted by forthepeopl1 at 12:43 PM : May 23, 2007
+ report abuse
---------------------------------
----------------------------------------
-------
EVERYONE THAT WANTS TO HELP WITH THIS SHOULD BE TALKING TO ALL MEDIA OUTLETS AND TELLING THEM THAT AMERICANS ARE READY TO TAKE WASHINGTON ON AND ITS NOT A FEW AMERICANS ITMILLIONS OF AMERICANS THAT WILL TAKE BACK THERE COUNTRY..
I AM WILLING TO GIVE MY BLOOD FOR ALL AMERICANS TO GET OUR COUNTRY BACK TO WHAT OUR FORFATHERS WANTED.
AM A VET AND AM READY TO TAKE CHARGE OF THIS AMERICAN BOYCOT/COOP IF WE THE PEOPLE DONT DO THIS NOW WE WILL BE GIVENING UP ON OUR CONSTITUTION AND WHAT ALL OUR VET HAVE DIED FOR..
DAVID A BELANGER,VET US ARMY,for-america@hotmail.com
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