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Congress wants to sue OPEC over oil prices

In an article published by Reuters reporter Tom Doggett (Tue May 20, 2008 2:27pm EDT)
the House of Representatives overwhelmingly approved legislation allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices.

However, President Bush has threatened to veto the measure. He apparently doesn’t like any lawsuits. However, maybe his family’s ties to the oil industry might cloud his judgment a little.

The proposed law 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 which is a large enough margin to override a presidential veto.

Democratic Rep. Steve Kagen of Wisconsin sponsored the law. He said Americans “are at the mercy” of OPEC for how much they pay for gasoline. As we know, prices are skyrocketing with summer demand ready to push them up even more.

The Senate would still have to approve the House measure.