WASHINGTON (Reuters) - The U.S. House of Representatives 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.
animosity
· 1 year ago
congress should run old tapes of years of previous 'oil committee' hearings....same bull shit.....same result....nutt'in...
jr
· 1 year ago
It's heartbreaking hearing the stories of independent truckers on Ed Schultz's show
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It was in Forbes, but the link doesn't seem to work well right now, I'll post it anyway:
http://www.forbes.com/reuters/feeds/reuters/200...
Here is some of the text:
European Tribune: