House passes bill to sue OPEC over oil prices

gwhunter69

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House passes bill to sue OPEC over oil prices
By Tom Doggett

WASHINGTON (Reuters) - 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, 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.
LINK
 



masonjarlid

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Then the groups that block domestic drilling, nuclear plants, new refineries, etc.. should get sued also. The Congress and the Senate should get sued for passing measures blocking drilling.
 

Coues

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Election year pandering. What a waste of time. How about doing something to bolster the value of the dollar so that it buys MORE OIL?
 

easymoney

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Boy I have to agree with all of you,
what a waste of money and just another smoke screen. Why not work to get us off foreign oil dependence and out of the past...
 

rcrosby

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Under what authority would they have any power over a foreign cartel like OPEC? This is one of the stupidest things I have seen.
 

YORT40

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<div class='quotetop'>QUOTE (Coues @ May 21 2008, 12:43 PM) <{POST_SNAPBACK}></div>
Election year pandering. What a waste of time. How about doing something to bolster the value of the dollar so that it buys MORE OIL?[/b]
Darn Right!! It's time to jump on the up coming band wagon & start some very very tough, very stern diplomacy.
 

Caninelaw

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<div class='quotetop'>QUOTE (rcrosby @ May 21 2008, 01:17 PM) <{POST_SNAPBACK}></div>
Under what authority would they have any power over a foreign cartel like OPEC? This is one of the stupidest things I have seen.[/b]
Exactly! Let's just tick them off and they'll just quit sending us any oil...that'll show them!
 

easymoney

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I find it truly ironic that there have been 45 house sub committee hearings in the past 5 years, to investigate oil companies, their profits and the rising price of oil. 5 years and here we are agin with another wasteful costly committee meeting which will produce absolutley nothing positive...
I also find it ironic that the same legislators who cry out the loudest (feinstein, boxer, reid, durbin, biden)about "price gouging" by these oil companies are the very same ones who have voted over and over to stop any increase in domestic production or domestic drilling...
It is simple economics, supply and demand. OPEC distributes the majority of the supply and the emerging worlds nations are the growing demand. The USA will continue to see huge increases in costs, some say $10-$12 per gallon is not far fetched.
We need our elected legislators to focus on the math and science which would provide for the entire USA not what appears to be PC for their own constituents.
 

Rancho Loco

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<div class='quotetop'>QUOTE (easymoney @ May 22 2008, 06:54 AM) <{POST_SNAPBACK}></div>
OPEC distributes the majority of the supply and the emerging worlds nations are the growing demand.[/b]
Incorrect.

http://www.eia.doe.gov/emeu/cabs/nonopec.html (through 2004 data)

Easy - you need to get your info right before you make these types of statement. The info is out there - being a world commodity, there's a million different sources of the numbers. That website is a great start. Lots of info even to support some of your positions... hinthint...
 

easymoney

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OK, here are some that I came up with.

"Producers1 Total oil
production Exporters2 Net oil
exports Consumers3 Total oil
consumption Importers4 Net oil
imports
1. Saudi Arabia 10.72 1. Saudi Arabia 8.65 1. United States 20.59 1. United States 12.22
2. Russia 9.67 2. Russia 6.57 2. China 7.27 2. Japan 5.10
3. United States 8.37 3. Norway 2.54 3. Japan 5.22 3. China 3.44
4. Iran 4.12 4. Iran 2.52 4. Russia 3.10 4. Germany 2.48
5. Mexico 3.71 5. United Arab Emirates 2.52 5. Germany 2.63 5. South Korea 2.15
6. China 3.84 6. Venezuela 2.20 6. India 2.53 6. France 1.89
7. Canada 3.23 7. Kuwait 2.15 7. Canada 2.22 7. India 1.69
8. United Arab Emirates 2.94 8. Nigeria 2.15 8. Brazil 2.12 8. Italy 1.56
9. Venezuela 2.81 9. Algeria 1.85 9. South Korea 2.12 9. Spain 1.56
10. Norway 2.79 10. Mexico 1.68 10. Saudi Arabia 2.07 10. Taiwan 0.94
11. Kuwait 2.67 11. Libya 1.52 11. Mexico 2.03
12. Nigeria 2.44 12. Iraq 1.43 12. France 1.97
13. Brazil 2.16 13. Angola 1.36 13. United Kingdom 1.82
14. Iraq 2.01 14. Kazakhstan 1.11 14. Italy 1.71 "
http://www.infoplease.com/ipa/A0922041.html

"Greatest Oil Reserves by Country, 2006
Rank Country Proved reserves
(billion barrels)
1. Saudi Arabia 264.3
2. Canada 178.8
3. Iran 132.5
4. Iraq 115.0
5. Kuwait 101.5
6. United Arab Emirates 97.8
7. Venezuela 79.7
8. Russia 60.0
9. Libya 39.1
10. Nigeria 35.9
11. United States 21.4
12. China 18.3
13. Qatar 15.2
14. Mexico 12.9
15. Algeria 11.4
16. Brazil 11.2
17. Kazakhstan 9.0
18. Norway 7.7
19. Azerbaijan 7.0
20. India 5.8

Top 20 countries 1224.5 (95%)
Rest of world 68.1 (5%)
World total 1,292.6 "
http://www.infoplease.com/ipa/A0872964.html

"Suspicious official estimates of oil reserves from OPEC countries"

"The OPEC countries decided in 1985 to link their production quotas to their reserves. What then seemed wise provoked important increases of the estimates in order to increase their production rights. This also permits the ability to obtain bigger loans at lower interest rates. This is a suspected reason for the reserves rise of Iraq in 1983, then at war with Iran."

"In fact, Dr. Ali Samsam Bakhtiari, a former senior executive of the National Iranian Oil Company, has stated unequivocally that OPEC's oil reserves (notably Iran's) are grossly overstated. In an interview to Bloomberg in July 2006, he stated that world oil production is now at its peak and predicted that it will fall 32% by 2020.[49]"

"The world's total declared reserves are 1.3174 trillion barrels (January 2007).[citation needed] The years 2004 and 2007 were added later. Some figures from the year 2007 are missing because these are from a listing in the Oil and Gas Journal from dec. 2006, which listed only the top ten suppliers."
http://en.wikipedia.org/wiki/Oil_reserves

"OPEC and Gas Prices Around the World"
"The single largest entity impacting the world's oil supplies is the Organization of the Petroleum Exporting Countries (OPEC), a consortium of 13 countries: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
Together, these 13 nations are responsible for 40 percent of the world's oil production and hold the majority of the world's oil reserves, according to the Energy Information Administration (EIA). When OPEC wants to raise the price of crude oil, it simply reduces production. This causes gasoline prices to jump because of the short supply, but also because of the possibility of future reductions. When oil production dips, gas companies get nervous. The mere threat of oil reductions can raise gas prices."

"Beyond OPEC, there are several other countries that contribute to the world's crude-oil supplies, including the United States, Mexico, Canada, Equatorial Guinea, Russia and China. In February 2008, the United States imported from Canada approximately 1.9 million barrels of crude oil per day [Energy Information Administration]. OPEC tracks the oil production of these nations and then adjusts its own production to maintain its desired barrel price."
http://auto.howstuffworks.com/gas-price3.htm



Oil is indeed a world commodity and I agree numbers can be massaged according to what the desired outcome is, but my point was, the leading producer of the worlds supply and manipulator of price, is basically OPEC.
Russia is suppedly taking the "single lead in production in 2008". And the soon to be largest refinery will be in India.
Where is the USA in this production data, down the list, yet we are one of the leading "consumers".
IMHO, we need to secure our own destiny and retain control of the price better for American consumers...
 


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