Open Thread

May 21st, 2008 10:00 AM

For general discussion and debate. Possible talking point: Congress votes to sue OPEC over oil prices:

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. The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow.

Is this a good move by Congress, or useless saber rattling? Will OPEC actually produce more oil, or is the White House correct in its view that this could "spur retaliatory action against American interests in those countries and lead to a reduction in oil available to U.S. refiners?"