“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.
First, what proof does he have that oil is NOT following “supply and demand” right now? Has he not hear of Peak Oil? Has he not considered the possibility?
Second, people are willing to pay the prices on the demand side, obviously.
Third, unless it targets foreign countries’, or nationalized oil companies’, investments in the U.S., it’s legally unenforceable.
Fourth, it’s a waste of hot air instead of actually discussing the “what ifs” if Peak Oil is actually being entered right now.
Fifth, the White House is right; shutting down foreign-owned refineries in antitrust suits would only exacerbate the problem.
Sixth, the stupid cutesy name of NOPEC is enough to make me barf.
It would also create an ad hoc Justice Department task force that would probably undergo bureaucratic metastasis, and it would push through ad hoc changes in the Sherman Antitrust Act.
If legislation is the proverbial sausage making, then this baby makes Oscar Meyer braunschweiger look like USDA Prime porterhouse.
And people wonder why I am not likely to vote for either major party. That said, I want to see the Senate vote on this issue, specifically Schmuck Talk Express™, Just.Another.Politican. and Bill Clinton II vote on this baby. (Or try to dodge voting on this baby.)
Meanwhile, a moron in Chicago believes that the U.S., et al, actually have the willpower, or the raw power, to form an OPIC of oil importers.
Pander alert update: Congress grills Big Oil.
Hypocrisy alert update: Big Oil says open ANWR, stop “restricting” Colorado oil shale (it isn’t, other than reasonable environmental restrictions), etc.
Meanwhile, although the poll I wrote a week or two ago about expected Labor Day gas prices threatens to become out of date, give it your best shot.