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US to Sue OPEC? in the External News forum at Todd and Tyler Unauthorized Forums - Ya, let's get them all pissed off at us. U.S. House passes bill to sue OPEC over oil prices - ...

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Old 05-21-2008   #1
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US to Sue OPEC?

Ya, let's get them all pissed off at us.

U.S. House passes bill to sue OPEC over oil prices - Boston.com

The House overwhelmingly approved legislation 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.
The White House opposes the bill, 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 administration said less oil going to refineries would limit available gasoline supplies and raise fuel prices.
Foreign investment in U.S. oil infrastructure has declined in the last decade. But the state-owned oil companies of several OPEC nations are owners of U.S. refineries, and those investments could be affected if the legislation becomes law, said Arlington, Virginia-based FBR Capital Markets Corp.

The bill also requires the Government Accountability Office to carryout a study on the effects of prior oil company mergers on energy prices.
The Senate would still have to approve the House measure.
The Senate previously approved similar legislation as part of a broad energy bill. However, the OPEC-suing provision was removed after White House opposition in order to get the underlying energy legislation signed into law.
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Old 05-21-2008   #2
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Re: US to Sue OPEC?

Great.....piss OPEC off even more.........
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Old 05-21-2008   #3
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Re: US to Sue OPEC?

who said OPEC had to sell to the US anyhow?
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Old 05-21-2008   #4
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Re: US to Sue OPEC?

great
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Old 05-21-2008   #5
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Re: US to Sue OPEC?

Dumb stupid bastards... Like the O-peckers have to listen the US Gov't...
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Old 05-21-2008   #6
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Re: US to Sue OPEC?

You are right...they just do what they want .....they got our balls in a jar ......
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Old 05-22-2008   #7
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Re: US to Sue OPEC?

or
we could develop alternative fuel technology....

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Old 05-22-2008   #8
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Re: US to Sue OPEC?

or just use our own frickin oil !!!!
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Old 05-22-2008   #9
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Re: US to Sue OPEC?

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or just use our own frickin oil !!!!
I agree and we don't even need to goto Alaska.

Deseret News | Oil shale — Colorado, Utah deposits rival OPEC reserve

US Has Massive Oil Reserves

Oil Shale Reserves - A Daily Reckoning White Paper Report
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Old 05-22-2008   #10
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Re: US to Sue OPEC?

Never heard of oil shale before.....interesting!! I was just talking about the offshore and Alaska.
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Old 05-22-2008   #11
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Re: US to Sue OPEC?

I read somewhere that Cuba and Russia are drilling for oil closer to our shore than we are ourselves because of our stupid assed environmental policies.
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Old 05-22-2008   #12
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Re: US to Sue OPEC?

Canada has been doing that for years... And as for alternative fuels, what are you going to do about yer tires, the plastic cup yer drinking from, the plastic couch you are sitting on??? Your life is completely surrounded by products that use petroleum...
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Old 05-22-2008   #13
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Re: US to Sue OPEC?

And you are right bud... It's our oil but we sold drilling rights to Russia, Cuba and CHINA!!!!
But not us....
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Old 05-22-2008   #14
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Re: US to Sue OPEC?

Canada is processing oil sands which is a little easier to turn into crude oil than the shale that we have. But at least they have the balls to do it!! Unlike our dipshits in Washington.

Quote:
It's our oil but we sold drilling rights to Russia, Cuba and CHINA!!!!
I don't think we sold them anything. They are doing it in international waters.
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Old 05-22-2008   #15
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Re: US to Sue OPEC?

it all comes down to one thing.. $$$$$$$$$$$$$$$$$$$....... too much of it,too many charcters in the gov't connected.
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Old 05-22-2008   #16
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Re: US to Sue OPEC?

Senate rejects offshore drilling bill

Tuesday, May 13, 2008 7:59:51 PM

The U.S. Senate Tuesday rejected an attempt to expand offshore oil and gas drilling to allow the states to generate revenue.

The Republican-backed proposal would have allowed states to drill off their coasts and share revenues with the federal government, the (Newport News, Va.) Daily Press reported.

The amendment would have amended a federal ban prohibiting offshore drilling along most coastal states, the newspaper said.

The state proposal was packaged with other controversial measures, including drilling in the Arctic National Wildlife Refuge.

The amendment was rejected on a mostly party-line vote of 42 to 56.

Sen. David Vitter, R-La., urged his colleagues to support the measure, noting that his home state of Louisiana has profited from offshore drilling in the Gulf of Mexico.

"We need to expand on that policy to dramatically increase our domestic energy production," he said.

But Democrats said an expansion of offshore drilling would do little to reduce Americans' dependence on foreign oil.

"We can't drill our way out of this problem," said Sen. Richard Durbin, D-Ill. "We can't drill our way to lower gas prices."




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Old 05-22-2008   #17
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Re: US to Sue OPEC?

Exactly, the fewer places they drill, the more $$$$ they can make!!
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Old 05-22-2008   #18
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Re: US to Sue OPEC?

Open and outright fraud and corruption....
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Old 05-22-2008   #19
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Re: US to Sue OPEC?

you forgot greed
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Old 05-22-2008   #20
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Re: US to Sue OPEC?

That always goes with it...
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Old 05-22-2008   #21
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Re: US to Sue OPEC?

Quote:
Originally Posted by Bud View Post
I read somewhere that Cuba and Russia are drilling for oil closer to our shore than we are ourselves because of our stupid assed environmental policies.

It's not "our stupid assed environmental policies".....it's Environmentalists and the Far Left Democrats beholding to them.....
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