Yeetle Box - OPEC New Ally In Energy Independence

In a desperate attempt to gain voter confidence that the US is doing something about energy independence and high gas prices, the House of Representatives approved legislation by a 324-84 vote on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices. This anti-climactic move follows a historical pattern of our government trying to look like they are doing something when they are not.

The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow - even though neither Saudi Arabia nor Venezuela are not beholden to US antitrust laws and could care less what we do in the House of Representatives. Still, House members stated that after the gasoline tax holiday fiasco, they were left with no choice but to pass meaningless legislation.


"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.
The lawmaker said Americans "are at the mercy" of OPEC for how much they pay for gasoline, which this week hit a record average of $3.79 a gallon.

"We're just not going to take it," he said. "Our government has allowed Saudi Arabia to own 11 percent of our economy. And this is what we get in return? Shame on them. Shame on OPEC. Shame on these greedy, oil-mongers! We want our oil, and we want it now! The American people have purchased SUV after SUV, and this is what they get for it? Not under my watch!"

Rep. Kagen did not address the obvious fact that OPEC is comprised on nations not beholden to US laws, and that the US has entered into these agreements willingly.

The White House, wise in economics and, in particular, energy, 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."

Said President Bush in a lecturing sort of way, "We're a free country. A free people. And so is the Saudis. We and them are free peoples. We have the free markets. We need to be free. Free to follow our interests without damaging the interests of others who are allies in the war on terror. Except for bin Laden. He's not free. And he hates freedom."





Some Washington insiders have hinted that, perhaps, President Bush has a love interest in Saudi government officials and a deep admiration for their manipulation of oil supplies.

President Bush looked wistfully at his daughter's wedding photos. "After Jenna was married, I got to thinking about my own future. The future of my love for oil and energy. I thought about the Saudis. I thought about the Saudis a lot."

The Yeetle Box