House passes bill to sue OPEC over oil prices

Tue May 20, 2008 2:27pm EDT

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.

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.

OKAY doofuses ..how will you collect? Seize private property of the Al Saud, Al Sabah and Sultan of Brunei? Freeze sovereign bank assets NOW, before this hits the courts?

Think this will help trade?

How'd you like to be the defense lawyer for this one?

You never be able to go out to dinner again, or to a game.