Joined: May 06, 2006 Posts: 873 Location: Tustin, CA
Posted: Wed May 21, 2008 2:38 am Post subject: Re: US House is going to sue OPEC.
[
Congress attempting to play King Canute. Will have the same results. _________________ Skeptical scrutiny in both Science and Religion is the means by which deep thoughts are winnowed from deep nonsense-Carl Sagan
Posted: Wed May 21, 2008 4:12 am Post subject: Re: US House is going to sue OPEC.
Quote:
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."
Posted: Wed May 21, 2008 4:22 am Post subject: Re: US House is going to sue OPEC.
I don't think the term "worked up" is exactly what people are thinking. Mostly disgust at our Congress critters. Expect to see more of this type of useless and potentially harmful legislation as oil prices continue to climb.
Joined: Apr 23, 2008 Posts: 103 Location: Georgia, USA
Posted: Wed May 21, 2008 6:29 am Post subject: Re: US House is going to sue OPEC.
Whenever prices go up, we are quick to scream "Price gouging!"
After all, there's no way supply & demand could be an issue.
The American people want to blame OPEC, local gas station owners, oil companies, and the President. We can't accept that this is the new price and we are not going to see $30 oil again!
The parking lot here at my local shopping center was packed with massive SUVs yesterday when I went out. Here in the South USA, we will fight till the end. (and I'm going to enjoy watching all of those SUVs lose value by the day, esp the ones that still have their "W" sticker on the back)
Joined: Apr 06, 2006 Posts: 3403 Location: 3 miles NW of Champoeg, Republic of Cascadia
Posted: Wed May 21, 2008 7:36 am Post subject: Re: US House is going to sue OPEC.
Here is a 2005 EIA breakdown of foreign investment in US Petroleum Refining. Saudi Armaco's 4 refineries are joint holdings with Royal Dutch Shell, oh boy...
Had a good laugh about this last year and am doing so again. I mean, this is funny, right? RIGHT? _________________ Cogito, ergo non satis bibivi
Could you slide your shorts down please?
Posted: Wed May 21, 2008 8:03 am Post subject: Re: US House is going to sue OPEC.
[quote="TheDude"]Here is a 2005 EIA breakdown of foreign investment in US Petroleum Refining. Saudi Armaco's 4 refineries are joint holdings with Royal Dutch Shell, oh boy...
Had a good laugh about this last year and am doing so again. I mean, this is funny, right? RIGHT? [/quote
Yesterday when I posted it was a hysterical that I was doing. Today, it's embarrassing to think that this is the best our politicians can come up with. And even more embarrassing to think they think we (American public) are stupid enough to swallow it. I really think it's political grandstanding for the election year and will amount to no more than that. But to put your relationship with a country you depend on so much in jeopardy is just crazy.
I wonder how this is playing in the ME or if it's even on the radar over there as far as the general public.
Posted: Wed May 21, 2008 11:20 am Post subject: Re: US House is going to sue OPEC.
cube wrote:
Twilight wrote:
bkwillia wrote:
Iran is holding back sour crude production and/or stock piling in tankers. Check out tanker rates these days... there is supposed to be a glut of tankers on the market. Who else is using them as floating storage?
Congress is fully justified in sueing OPEC. Its a much better option than bombing Iran. By the time the trial gets started, the glut of crude sitting in tankers with escalating day rates will have to beunloaded on the spot market. The heavier the losses Iran takes on its sour crude, the more evident it will be that congress was right.
Is this a parody, or did someone actually swallow that propaganda?
Twilight I think he's serious!
It looks like somebody ate it: hook line and sinker.
What next?--->sue Thailand for not producing enough rice.
bkwillia, Morgan Stanley and other large financials are actually directly involved in buying and holding physical oil. There's actually proof of this kind of piracy, and very little proof of any Iranian involvement.
Posted: Wed May 21, 2008 11:24 am Post subject: Re: US House is going to sue OPEC.
Plantagenet wrote:
Peleg wrote:
I love this idea. In what court will we sue? The International Court in Brussels which we do not recognize? Take hostages at an OPEC meeting and hold some tribunals?
Nope.
They've voted to authorize the justice department to set up a special division and sue OPEC in US court.
Politicians are mostly lawyers. They don't know diddly squat about science or economics. One thing they do know is how to sue. If lawyers want to *&#$ somebody up they sue them.
Nancy Pelosi, the speaker of the house, is a genius at politics. She knows average people are POed about the high oil prices, and this bill lets her and the other Congressmen tell average Americans that the congress has done something about the oil price..
The U.S. justice dept. can REALLY punish OPEC by placing them under an oil embargo!!
Posted: Wed May 21, 2008 11:59 am Post subject: Re: US House is going to sue OPEC.
threadbear wrote:
Plantagenet wrote:
Peleg wrote:
I love this idea. In what court will we sue? The International Court in Brussels which we do not recognize? Take hostages at an OPEC meeting and hold some tribunals?
Nope.
They've voted to authorize the justice department to set up a special division and sue OPEC in US court.
Politicians are mostly lawyers. They don't know diddly squat about science or economics. One thing they do know is how to sue. If lawyers want to *&#$ somebody up they sue them.
Nancy Pelosi, the speaker of the house, is a genius at politics. She knows average people are POed about the high oil prices, and this bill lets her and the other Congressmen tell average Americans that the congress has done something about the oil price..
The U.S. justice dept. can REALLY punish OPEC by placing them under an oil embargo!!
I think that in the years to come, yesterday, May 21, 2008 may be know really as the day TSHTF.
Are they really thinking to apply anti-trust laws to Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela???.
Is that going to be implemented cutting trade with all OPEC countries (including oil)?, freeze their bank accounts?, dismantle or divide companies with capital from those countries?? hahahahaha
By the way, China would really welcome that extra oil, after all, they have a lot of those green bank notes to pay with. And the greenback is depreciating really fast!, better to buy something with it, now... _________________ Stocking up on popcorn
Posted: Wed May 21, 2008 12:25 pm Post subject: Re: US House is going to sue OPEC.
shortonoil wrote:
Twilight said:
Quote:
Granted, how this plays in the street is a different story, it will add to the drip of antagonism assuming it is widely reported.
Just did a quick searched of the major Lame Stream Media and no report of this so far. Let’s see what kind of political balloon they blow out of it tomorrow. If nothing shows up, someone bigger than Congress just put a cork in this bottle!
Posted: Wed May 21, 2008 1:11 pm Post subject: Re: US House is going to sue OPEC.
eXpat wrote:
threadbear wrote:
Plantagenet wrote:
Peleg wrote:
I love this idea. In what court will we sue? The International Court in Brussels which we do not recognize? Take hostages at an OPEC meeting and hold some tribunals?
Nope.
They've voted to authorize the justice department to set up a special division and sue OPEC in US court.
Politicians are mostly lawyers. They don't know diddly squat about science or economics. One thing they do know is how to sue. If lawyers want to *&#$ somebody up they sue them.
Nancy Pelosi, the speaker of the house, is a genius at politics. She knows average people are POed about the high oil prices, and this bill lets her and the other Congressmen tell average Americans that the congress has done something about the oil price..
The U.S. justice dept. can REALLY punish OPEC by placing them under an oil embargo!!
By the way, China would really welcome that extra oil, after all, they have a lot of those green bank notes to pay with. And the greenback is depreciating really fast!, better to buy something with it, now...
Yep. That big bully China. Wait till the congress critters get done with China, by devaluing the Yankee buck by 90%. That'll show'em!
Posted: Mon Jun 09, 2008 10:03 pm Post subject: House votes to "sue OPEC"
No this isn't from The Onion. It's not April 1st. I checked. As far as I can tell this is actual real news:
Quote:
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.
"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.
This type of story is a good reminder that you're "on your own" out there folks. There is no benevolent, intelligent, "they" that's going to pull your arse out of the coming fire.
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that I was doing. Today, it's embarrassing to think that this is the best our politicians can come up with. And even more embarrassing to think they think we (American public) are stupid enough to swallow it. I really think it's political grandstanding for the election year and will amount to no more than that. But to put your relationship with a country you depend on so much in jeopardy is just crazy.
