Growing global demand and a weak dollar have given us $4-a-gallon gasoline. The way to lower prices would seem obvious: pump more oil domestically and strengthen the dollar. That's too obvious for Congress, apparently, which instead wants to solve the problem through litigation: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.This idiocy is bipartisan, with a majority of Republicans joining all but two Democrats in supporting the bill. If this bill becomes law and the Justice Department goes ahead with it, remember when you're paying $6 a gallon that a good chunk of that is going to lawyers' fees.
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.
Search This Blog
Wednesday, May 28, 2008
Best of the Web - Wall Street Journal: