The U.S. House of Representatives passed in a landslide legislation that would allow the Justice Department to sue OPEC for cooperating to set high oil prices and limiting supply, but President Bush said he will veto the bill.
The bill would attempt to subject OPEC to U.S. antitrust laws and would include Saudi Arabia, Iran and Venezuela. The vote margin, 324-84, is large enough to override a presidential veto, which was threatened in fear of retaliation by OPEC.
"This bill guarantees that oil prices will reflect supply and demand economic rules, instead of wildly speculative and perhaps illegal activities," said Democratic Rep. Steve Kagen. The bill now goes to the Senate for approval.