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Congress Can’t Penalize OPEC
The Intelligencer
POSTED: May 16, 2008
Members of Congress, so many of them more eager to score points with voters than to do any real good, now may have earned themselves a place in the Guinness World Records book, under “most ludicrous.”
Among feel-good, do-nothing provisions in an energy bill now pending on Capitol Hill is one targeting OPEC. The bill would give the Justice Department the authority to bring antitrust cases against countries that, through OPEC, are found to have colluded to set prices for petroleum.
That may sound good to Americans who link the nearly $4 a gallon many are paying for gasoline to the $120 a barrel refiners are paying for petroleum. But members of OPEC, which produces most of that oil, are not likely to cooperate with any U.S. government efforts to brand them as price conspirators. That, after all, is precisely what OPEC is — a cartel with the avowed goal of keeping prices where member nations want them.
In other words, OPEC countries targeted by the Justice Department would have two-sentence replies: “Guilty as charged. Now, what are you Americans going to do about it?”
Nothing, U.S. officials would have to reply.
Members of Congress need to stop grandstanding in regard to oil prices and begin taking a realistic look at federal policies that have helped make gasoline expensive. Otherwise, OPEC members will merely keep laughing at us — all the way to the bank.
Among feel-good, do-nothing provisions in an energy bill now pending on Capitol Hill is one targeting OPEC. The bill would give the Justice Department the authority to bring antitrust cases against countries that, through OPEC, are found to have colluded to set prices for petroleum.
That may sound good to Americans who link the nearly $4 a gallon many are paying for gasoline to the $120 a barrel refiners are paying for petroleum. But members of OPEC, which produces most of that oil, are not likely to cooperate with any U.S. government efforts to brand them as price conspirators. That, after all, is precisely what OPEC is — a cartel with the avowed goal of keeping prices where member nations want them.
In other words, OPEC countries targeted by the Justice Department would have two-sentence replies: “Guilty as charged. Now, what are you Americans going to do about it?”
Nothing, U.S. officials would have to reply.
Members of Congress need to stop grandstanding in regard to oil prices and begin taking a realistic look at federal policies that have helped make gasoline expensive. Otherwise, OPEC members will merely keep laughing at us — all the way to the bank.
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LiveSpacesMember Comments
View Comments: | 1-9 | Post a comment
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RedDish
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05-16-08 5:53 PM
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Yikes! Sorry, forgot the ;) I thought it was funny that there was a band called Heroshima!
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RedDish
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05-16-08 5:33 PM
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Hiroshima. Heroshima is a band from Santa Cruz.
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GETACLUE
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05-16-08 4:20 PM
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I understood perfectly what you meant and I like my idea much better.... CUE FILM OF HEROSHIMA!!!!!!
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RedDish
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05-16-08 2:48 PM
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GETACLUE--I'm guessing you didn't understand the context of my statement--energy alternatives; meaning nuclear energy. Not bombs, not Hiroshima. It is a viable alternative. Building a plant along the Ohio River would go a long way to solving Wheeling's problems; bring HIGH-PAYING, white collar jobs and an educated work force here.
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Georgetwin
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05-16-08 11:43 AM
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This is ANOTHER example of Congressional Liberal, *** Kissing their Tree Hugger Masters.
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Georgetwin
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05-16-08 11:18 AM
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Drill Alaska, Drill The Continental Shelf and Drill The Rockies! Once The Oil starts flowing, we will have OPEC by the short hairs.
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GETACLUE
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05-16-08 10:28 AM
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I like the nuclear idea, like telling OPEC here is what we are going to do about it. CUE FILM OF HEROSHIMA!!!!!!!!!
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topsie
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05-16-08 10:20 AM
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WRITER DOESNT UNDERSTAND WTO world trade organization.
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RedDish
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05-16-08 10:06 AM
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I think we should penalize Congress for not doing more to hit OPEC in the pocket by encouraging our own oil production and using energy alternatives, like nuclear.
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