Will gas prices fall if OPEC is sued for their illegal activities directly responsible for high gas prices?

Question

By setting prices and production levels, OPEC directly contributes to rising prices at the pump. OPEC has been sponsoring conferences with the world's non OPEC (member) countires, encouraging them to cut production of their oil by billions of gallons per day, in hopes the petroleum industry will become the next gold rush. These non OPEC countries used to pick up the slack from OPEC countries and that's whyin years pastm gas prices were reasonable and affordable. Of course, the non OPEC oil giants are NOW working with OPEC and gas prices have been rising steadily for several years now as a direct result. This is illegal price-fixing and it's a conspiracy.

For: Wizard8100; UTNeflyte; Maureen F; and Who can Keep Up

A bill dubbed "NOPEC" passed by the US Senate Judiciary Committee in 2005 allows legal action to be taken against cartels such as OPEC.

The bill allows the US Department of Justice and the Federal Trade Commission to file antitrust lawsuits against foreign states, such as members of the Organization of Petroleum Exporting Countries (OPEC), for price fixing and other anticompetitive activities.

Answer 1

gas prices may fall for a brief time...but the real truth is that they will eventually go up and up and up.... oil is a NON-RENEWABLE resource.... as we use it the supply goes down and demand goes up.... depending on who you listen to...the world has used more than half of what is available...and our consumption rate (and China's) just keeps going up and up and up.... get a hybrid, pressure your senator to encourage green technologies, carpool and quit worrying about gas prices and conspiracies.

Answer 2

Where did you source your material from? I'm very curious to read more about that.

Opec's output has actually increased and they never increased the cost of petroleum. They've kept it relative to the cost of living.

I think there's one thing you forgot in your question - and it's a good question by the way - OPEC doesn't set prices - Wallstreet does; the speculative market does.

Don't believe me?

Read ANY article regarding oil prices rising or falling - they're called speculators for a reason; you see, they come up with THE most assanine reasons to raise costs - for example, the most current headline being something along the lines of "Truce in Middle East looks dim," and all of a sudden, petroleum jumps $2 instantly - there wasn't a definite answer as to if there was or was going to be a successful truce - the speculators saw this as a chance to jack the price.

The volume of oil being consumed has increased, that's a fact - China being much more integrated has caused an increase of demand. But fact of the matter is, is that no-where was there such a lack of supply that justified oil going from $1.25 a gallon to where it is now. When China required oil, other exporters jumped in to maintain oil levels, like South America (Argentina) while OPEC increased volume as well..

Do a well heeled search and you'll see volume of oil has increased to cover the demand, yet oil speculators keep driving the cost up. Remember awhile back ago when the pumps had mile long lines for gas when in reality, there was plenty of gas?

It's the bullshit speculators that caused the mass panic - there was NO lack of oil - EVER.

When Katrina hit, the speculators hit again, making people worry that there would be a gas shortage and caused the prices to go up again. Guess what? South America, Canada, and OPEC increased their output AGAIN - and all of this bullshit was due to a few refineries that were out of commission for a few days?

Do you see what I'm getting at?

If anything, Wall Street needs to be sued. I'm sure you heard of the recent hearings of the Big Oil representatives in Congress because their fiscal year earnings were stagging - BILLIONS of dollars in PROFIT - even AFTER covering their overhead, insurance costs, etc etc, they STILL netted BILLIONS IN PROFIT.

Going after OPEC is the wrong direction. You should be going after Wall Street.

Answer 3

Are you aware of the rising consumption of oil in China and India as their boom continues?

OPEC has the right to limit the supply, it's their oil, not USA oil.

About the "gold rush" comment... OPEC members are doing great for themselves ever since the beginning. What they are concerned about is to keep doing great for the next 100 years. Heck, they not that stupid, once oil is gone... it's gone and they won't have nothing left. They are just doing their best to maintain their wealth, just like most people do, every single day.

Newsflash! Oil will eventually run out. With China and India booming and ordering more cars that makers can make, how long will it last. Heck, America, Europe, Japan enjoyed their run to the top with the oil industry, now it's China and India's turn.

The circle of life continues...

Answer 4

There are so many things wrong with your summary. Where to start?
OPEC pays lip service to the idea of output levels, and markets surge when OPEC announces an change in quotas. Here's the deal: They all cheat. Every one of them. They produce more oil than they are supposed to.
Conspiracy. That's just silly. OPEC might encourage other countries to cheat. If I were a non-OPEC country, I would laugh in their faces. All these countries want to get theirs. It would be silly, unless you could guarantee compliance, and OPEC doesn't comply with itself, much less agreements with other countries.
Illegal?? Not hardly. Is protecting our steel industry from "dumping" illegal? People who work in the oil industry in other countries deserve a living wage, too. What else do these countries have to sell? Not much.
Oil prices are one thing, gasoline prices are another. The current high price of crude oil is a combination of supply-demand and market speculation. The price of gasoline is affected by refineries still out of commission from Katrina/Rita; taxes; some high-profile accidents; and other factors (including, yes, market speculation).
What makes it illegal? These are sovereign governments, who do not comply with price-fixing laws in the U.S.

Answer 5

the authorities's very own skill suggestion administration has reported that drilling the OCS (Outer Continental Shelf) gained't influence production or expenses till ultimately 2030. Harry Reid has presented to carry drilling to a vote, yet Republicans have refused. because of the very actuality the Democrats do not have 60 votes, they could't rigidity a bill to the floor for a vote. The Republicans are blocking off this because of the very actuality Democrats favor to shrink down on hypothesis. So, the Republicans are actual the numerous significant obstacle to this. Reid is likewise preserving the Senate open on a pro forma beginning in the course of the recess. There are one thousand's of sq. miles of offshore drilling leases that the oil organizations have not even touched. Bush has reported that "we are addicted to oil". you want to address the habit with the similar drug we are addicted to.

Answer 6

Oh God, Not another one!!!!!!!!!!!!!!!!!!

It is illegal for a US company to price fix items in the US market.

There is NO international law against price fixing. OPEC cannot be sued.

The US Constitution only applies inside the US. US laws only apply inside the US.

GOD WHEN WILL OUR SCHOOLS START TEACHING!!!!!!

Read a damn book!!!!!!!!11

Answer 7

The problem is getting jurisdiction--OPEC is made up of soverign governments and they are only liable for monetary damages if they decide to be. They might decide that, but the odds are that they wouldn't.

Answer 8

I imagine it will make gas prices go higher, to pay for OPEC's legal fees.

Answer 9

They are being sued in the world court it was on cbs news tonight so we will see

Answer 10

I hope so. I saw the same thing on TV