Tuesday, July 10, 2007

Congress finally takes on OPEC

Senator Herb Kohl (D-WI) has long hated OPEC and sponsored a bill, NOPEC, designed to remove sovereign immunity as a defense of OPEC to anti-trust litigation in the US. The bill died in 2000 but with gas prices being the issue of the day, it seems to have new life.
....John Fialka reports in the July 6 Wall Street Journal that NOPEC has won the support of veto-proof majorities in the House and Senate. The appeal of NOPEC extends from left to right; House Speaker Nancy Pelosi, D.-Calif., is pushing it, and so is the Heritage Foundation. The Bush administration, however, can't stand the idea.
Timothy Noah thinks that would be great and so do I.

One thing is for sure, if the bill actually passes, we will find out if they have the votes to over-ride a veto.

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