House passes bill to sue OPEC over oil prices

[OptionsTrader]

They should pass a bill to bork the federal reserve and gain control over money again. OPEC isn't the problem.

Who should we sue for wheat prices? Where's the outrage? OPEC has about as much to do with the abnormal price of wheat as they do with the abnormal price of oil.

 

[SeanEdwards]

I think wheat price is at least somewhat affected by oil prices, since energy is a major input into wheat production.

 

[OptionsTrader]

I think wheat price is at least somewhat affected by oil prices, since energy is a major input into wheat production.

A component of course.

Who should we sue over this outrage? OPEC?

 

[Truth Warrior]

"OPEC Sues USA for Fraudulent Payment with 'Thin Air' FRNs"

 

[SeanEdwards]

A component of course.

Who should we sue over this outrage? OPEC?

Personally, I'd prefer to outsource Washington D.C. to some Indian call center.

 

[ARealConservative]

"OPEC Sues USA for Fraudulent Payment with 'Thin Air' FRNs"

 

[Truth Warrior]

Personally, I'd prefer to outsource Washington D.C. to some Indian call center.

Downsize it first! By about 99%.

 

[OptionsTrader]

"OPEC Sues USA for Fraudulent Payment with 'Thin Air' FRNs"

Yo for real. They have every right to be pissed off at the debasement of the money they are forced, literally at gunpoint, to accept.

 

[pappy]

The funniest and saddest news I have seen today. Preposterous. We have gone way, way, way down the rabbit hole.

pappy

 

[Uncle Emanuel Watkins]

We don't have a forum titled, ASININE, so I suppose that General Politics is as good as any.

If you need any more proof that Congress has lost its collective mind, I'm not sure what kind of proof you would need.

http://www.reuters.com/article/politicsNews/idUSWAT00953020080520

This would be hilarious if it were a SNL vignette, but it's real life in the good ole USA.

This will seem like a joke until the world's oil based economy becomes more of a food based economy because the oil cartel is causing hundreds of millions to starve around the world.

 

[ARealConservative]

This will seem like a joke until the world's oil based economy becomes more of a food based economy because the oil cartel is starving millions all around the world.

the "oil cartel" currently accounts for 40% of oil production.

Before blaming others, we need to explain why we refuse to expand our own production, and our own alternative sources.

 

[Truth Warrior]

This will seem like a joke until the world's oil based economy becomes more of a food based economy because the oil cartel is causing hundreds of millions to starve around the world.

TPTB NWO, world population reduction agenda. Lose the "useless eaters".

 

[Uncle Emanuel Watkins]

Cartels cause people to go hungry.

the "oil cartel" currently accounts for 40% of oil production.

Before blaming others, we need to explain why we refuse to expand our own production, and our own alternative sources.

Part of the reason our production is so low is because the cartel has at times flooded their resources onto the world market in an attempt to run our energy industries out of business. That is why they call it a cartel. Cartels are supposed to be harmful to a free market because they are able to corner and control it. As the cartel pushes up the price of energy, this in turn has pushed up the price of food. Would it be ethical for the food producing nations to create a cartel to exploit their position in the world market even at the expense of hundreds of millions of people starving to death? There really is no difference with the food producing nations doing this and what the oil cartel nations have done. Such cartels in the world eventually disrupt the world's markets to cause people to go hungry.

 

[Uncle Emanuel Watkins]

Try to be more novel.

TPTB NWO, world population reduction agenda. Lose the "useless eaters".

The fastest way for you to achieve your purpose would be to scrap the Consititution. This action would quickly erode our government back to a primitive caste system when a master class organized the world's lessor beings into a slave class. For those who aren't worth the price of a single bullet, just line them up in a row to shoot them. Efficiently execute the handicapped with gas, of course. Wait. Hasn't this already been done by the Nazis?

 

[DriftWood]

Part of the reason our production is so low is because the cartel has at times flooded their resources onto the world market in an attempt to run our energy industries out of business. That is why they call it a cartel. Cartels are supposed to be harmful to a free market because they are able to corner and control it. As the cartel pushes up the price of energy, this in turn has pushed up the price of food. Would it be ethical for the food producing nations to create a cartel to exploit their position in the world market even at the expense of hundreds of millions of people starving to death? There really is no difference with the food producing nations doing this and what the oil cartel nations have done. Such cartels in the world eventually disrupt the world's markets to cause people to go hungry.

A food cartel is impossible. Just about every single person in the world can undercut such a cartel by growing their own food and make themselves rich selling at a lower price. A oil cartel is not that different, its very hard to keep prices higher than the market would set them. If OPEC charges to much, the producers outside selling for less will make big profits. No one would pay OPEC high prices when they can get it cheaper. Also even if OPEC controlled every single drop of oil. They still could not set prices much higher than market price. One country would fall out of line and sell at a lower price on the black market because that way they would get a bigger slice of the profits. Also even if one person owned all of the oil in the world he could not set prices much higher than market prices because, there is always alternatives. People can always grow oil. In Brazil much of the fuel that drive their cars.. is made from sugar. The price of fossil fuels can never go higher than of grown fuels.

I think OPEC has been kind by selling its oil below re-production price. their reserves are not renewable.. so they should charge a high price for it. I think they should charge as much for it as it costs to grow natural fuel. But they are nice enough to sell it for much less. They are in effect selling it below reproduction cost. Thats no way to run a business. We should thank them for this charity by sending them, a thank you letter every Christmas (okay, maybe not at Christmas).

Cheers

 

[Anti Federalist]

You cant force someone to sell something for a low price (no matter how much profits the selling party makes or does not make).

In the case of oil, we did just that in the 1970's.

The second "gas crisis" was caused by price fixing.

Government set artificial "price caps", when the price exceeded those caps, no one was willing to sell oil at a loss (of course).

Result: no gas at any price.

 

[Uncle Emanuel Watkins]

A food cartel is impossible. Just about every single person in the world can undercut such a cartel by growing their own food and make themselves rich selling at a lower price. A oil cartel is not that different, its very hard to keep prices higher than the market would set them. If OPEC charges to much, the producers outside selling for less will make big profits. No one would pay OPEC high prices when they can get it cheaper. Also even if OPEC controlled every single drop of oil. They still could not set prices much higher than market price. One country would fall out of line and sell at a lower price on the black market because that way they would get a bigger slice of the profits. Also even if one person owned all of the oil in the world he could not set prices much higher than market prices because, there is always alternatives. People can always grow oil. In Brazil much of the fuel that drive their cars.. is made from sugar. The price of fossil fuels can never go higher than of grown fuels.

I think OPEC has been kind by selling its oil below re-production price. their reserves are not renewable.. so they should charge a high price for it. I think they should charge as much for it as it costs to grow natural fuel. But they are nice enough to sell it for much less. They are in effect selling it below reproduction cost. Thats no way to run a business. We should thank them for this charity by sending them, a thank you letter every Christmas (okay, maybe not at Christmas).

Cheers

If agricultural nations organized to corner the food market, it would raise the price of food.
Opec is a cartel. If they are cornering the market to raise prices by withholding resources and then dumping it to wipe out opposing industry, they are a cartel because they are controlling supply and demand. What would happen if the agriculatural nations created a food cartel to withhold food from the oil cartel nations?

 

[ARealConservative]

Part of the reason our production is so low is because the cartel has at times flooded their resources onto the world market in an attempt to run our energy industries out of business. That is why they call it a cartel. Cartels are supposed to be harmful to a free market because they are able to corner and control it. As the cartel pushes up the price of energy, this in turn has pushed up the price of food. Would it be ethical for the food producing nations to create a cartel to exploit their position in the world market even at the expense of hundreds of millions of people starving to death? There really is no difference with the food producing nations doing this and what the oil cartel nations have done. Such cartels in the world eventually disrupt the world's markets to cause people to go hungry.

BS.

I'm pleased that you are writing more clearly now, but you still make no sense.

We have nobody to blame but ourselves for our lack of production capacity.

Your globalist rhetoric is ugly. One country has no responsibility to produce food for another country - and the same goes for oil, or widgets.

 

[Theocrat]

On the Road to Globalism

We don't have a forum titled, ASININE, so I suppose that General Politics is as good as any.

If you need any more proof that Congress has lost its collective mind, I'm not sure what kind of proof you would need.

http://www.reuters.com/article/politicsNews/idUSWAT00953020080520

This would be hilarious if it were a SNL vignette, but it's real life in the good ole USA.

Could this just be blowback on the U.S. from all of our overseas intervention, particularly in OPEC nations? One can only wonder...

I can't see any clearly spelled out authority for Congress to sue anything. How is it possible that we even have jurisdiction over foreign entities?

So regulating commerce means initiating law suits?

Seems like quite a stretch to me.

Maybe we can settle our lawsuit in the International Court of Justice. After all, we're losing our national sovereignty at every turn anyway.

 

[DriftWood]

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