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Let's Sue OPEC

Written By Brian Hicks

Posted May 20, 2008

Five months into 2008, and we learn:

  • It’s okay to believe in aliens.
  • Scientists got the okay to mix animal and human embryos.
  • The House wants to sue OPEC… this’ll end well.
Yep, the House wants to sue OPEC for "limiting oil supplies and working together to set crude prices."

The bill, if passed, would subject OPEC oil producers, including Saudi Arabia and Venezuela to the same antitrust laws that U.S. companies follow. Can you imagine the Chavez reaction?

The idea passed 324-84, which means a presidential veto is overridden. "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.

Fortunately, the White House opposes it, saying that "targeting OPEC investment in the United States as a source for damage awards "would likely spur retaliatory action against American interests in those countries and lead to a reduction in oil available to U.S. refiners."

The bill would still be subject to Senate approval.

Here’s an idea. If you want to reduce dependence on OPEC, hire engineers and companies that can find domestic oil. Instead, Congress wants to attack OPEC, which can reduce supply and drive prices higher, with an army of attorneys.

Yep, that’s a great idea.

I’d love to hear what you think, too. Please leave comments below. Now if you’ll excuse me, running with my scissors just became a good idea, too.