09-04-04

Gas is averaging $ 1.77 per gallon in the US which is probably one the lowest by far in the free world and less in real dollars than it was twenty years ago. Yet everyone seems to be up in arms about the recent price climbs, obviously oblivious that they ain't seen nothin' yet.
So what does the most litigious society in the history of earth do; they find someone to sue. Yes, ladies and gentlemen, the Senate is making plans to sue OPEC.

The Senate has a new plan to lower gasoline prices -- sue OPEC. Eight senators have endorsed a bill that would give federal antitrust agencies authority to file suit in US courts against members of OPEC for alleged price gouging. Record high gas prices are caused by high crude oil prices, which OPEC has brought about by limiting supplies, said Sen. Mike DeWine, R-Ohio.
"If OPEC were a group of international oil companies getting together to set prices and cut output, it could be prosecuted under US antitrust law," he said at a Senate hearing on the bill. "But to this day, OPEC continues to receive special treatment under US antitrust law."

Suing OPEC is one option Congress is considering to reduce gas prices. Other approaches include a stalled Senate energy bill and possible investigations by the Federal Trade Commission of alleged price-fixing by domestic oil companies.
It remains unclear whether the United States could or would sue OPEC, a cartel made up mainly of foreign-government entities.

Source: www.detnews.com