Sunday I wrote an article on Faultline USA, It’s All About Gas Prices, posted below. In the article I asked the following question concerning the NOPEC (No Oil Producing and Exporting Cartels)bill introducted by John Conyers of Michigan.
Here’s Sunday’s article with an update following:
Sticky note to McCain and Obama . . .
Unless the dollar rises quickly and gas prices come way down, the primary issue that will determine the presidential election in November WILL be the Economy/OIL Prices!!! And the solution won’t be more taxes. The candidate with the best economic recovery plan will get America’s votes. That is if most of us can still afford to drive to the polls on Election Day.
This past week the house passed the “feel good-do nothing but harm” NOPEC bill:
This from WSJ:
House Judiciary Committee Chairman John Conyers of Michigan, who introduced the No Oil Producing and Exporting Cartels (NOPEC) Act, argued that cartels like OPEC are partly to blame for today’s high gasoline prices. The bill sailed through 345-to-72a day after the Energy Department said the average pump price of regular gasoline was a record $3.218 a gallon. The bill would change certain laws, like the Sherman Act and Foreign Sovereign Immunities Act, to block OPEC countries like Iran, Kuwait, Saudi Arabia and Venezuela from invoking immunity from U.S. court action relating to concerns about oil production.
I have a question. Why should it be illegal for OPEC nations “to limit the distribution and production of oil, natural gas, or any other petroleum product,” while Congress continues to severely limit "the production of oil, natural gas, or any other petroleum product” in the US???
Must read reaction to NOPEC.
Here’s an excerpt:
. . .the Big Oil guy oozed as oleaginous as his product before the grand panjandrums of the House Subcommittee on Televised Posturing, and then they went off and passed 324-82 the so-called NOPEC bill. The NOPEC bill is, in effect, a suit against OPEC, which, if I recall correctly, stands for the Oil Price-Exploiting Club. "No War For Oil!," as the bumper stickers say. But a massive suit for oil – now that’s the American way.

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