OPEC+’s decision to slash oil production has set off bipartisan fury in Washington directed at the Saudi Arabia-led group, raising calls for a hard-hitting US response
. Within minutes of the
would empower the Justice Department to go after Saudi Arabia and other bill as an amendment to a defense spending bill in a bid to force a vote and get it through Congress “ nations for illegal price fixing. move, worsening inflation weeks before voters head to the polls for the midterm elections.
+ would retaliate by pulling back even further supply from the oil market, making this week’s price gains look tiny by comparison. “The nature of a cartel is that they have a few levers to pull as well,” said Ed Mills, managing director and Washington policy analyst at Raymond James. “That would cause the exact opposite reaction of what they intended.” The White House declined to comment on
production quotas also hints at the inherent antitrust problems behind would fit the thinking among some in Washington that “big is bad.” “Antitrust enforcement is in vogue and there is nothing more antitrust than an oil cartel,” Mills said. And as Democratic Congressman Ro Khanna told CNN earlier this week, in some ways the United States is less dependent on Saudi Arabia and other
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sanders Calls for End to Military Aid to Saudi Arabia Amid OPEC Production SlashBernie Sanders said that OPEC’s motivation is clear: to raise gas prices at a time when the oil and gas industry is already making record profits.
Read more »
U.S. Delivers Angry Rebuke of Massive OPEC Production Cut — and It Could Backfire for Saudi ArabiaEnergy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia.
Read more »
Some Democrats push to punish Saudi Arabia after OPEC+ move to cut oil productionSome Democrats in Congress are furious about OPEC+'s decision to cut production by 2 million barrels of oil per day starting next month, and are calling to reexamine ties with key oil producers.
Read more »
Washington Sees OPEC Oil Production Cuts as a Political ‘Blow Against Biden,' Says Dan Yergin“It’s seen as somehow political interfering in the U.S. election, although the cut doesn’t go into effect until November,” said the vice chair of S&P Global.
Read more »
U.S. lawmakers question Saudi arms sales as Biden mulls OPEC responseDemocratic members of the U.S. Congress called for a sharp reduction in military sales to Saudi Arabia, as President Joe Biden on Thursday considered how to respond to plans by OPEC+ nations to cut oil output.
Read more »