“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… The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow.” Seriously??
haha, good luck with that one.
They’ll raise prices even more due to risk of litigation and legal costs.
Why not undercut their monopoly? We have oil reserves in the US not being utilized. Oh wait I forgot, we can’t. Didn’t you hear, Alaska is like the new Yellowstone.
Honestly I rather enjoy seeing high oil prices. Puts more wind into the sails of alternatives. Unfortunetly a lot of that wind is going into corn based ethonal, which is just retarded.
see my post here as to why OPEC couldn’t raise their output even if they wanted to http://www.analystforum.com/phorums/read.php?1,708908,page=2 and OPEC by no means has a monopoly on oil. They used to, but not anymore.
KJH Wrote: ------------------------------------------------------- > Why not undercut their monopoly? We have oil > reserves in the US not being utilized. Oh wait I > forgot, we can’t. Didn’t you hear, Alaska is like > the new Yellowstone. Alaska is a pathetic puddle. This bill is ridiculous. However, it’s predictable. Do you really think congress would attack hedge fund managers, bankers, and “investors”, the real culprits of this problem? I can’t wait till Opec says “Ok, you want to play Hardball??? I’ll seize every US based oil asset in my country” Do you know how quickly Congress will become the ME’s bitches?
spierce : it’s predictable thats my point, I wish our legislature could get a clue. Reminds me of a PJ O’Rourke comment on how he loved bipartisan bickering because gridlock means government can’t do things.