OilPrice.com: Is The U.S. Preparing To Punish OPEC?
* U.S. consumers are showing significantly less concern about the U.S. energy situation than they did one year ago.
* The U.S. House of Representatives may once again consider a piece of legislation to pressure the OPEC oil producers’ group to stop making output cuts.
* The bill may be retaliation against the Arab OPEC countries, and a warning to others, for normalizing ties with Iran and Syria.
In early May, the U.S. House of Representatives Committee on the Judiciary was reportedly considering a bill to pressure the OPEC oil producers’ group to stop making output cuts by revoking the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. (The committee previously passed the bill in 2018, 2019 and 2021.)
The OPEC Basket Price has hovered in the mid $70s, not historically high, though U.S. politicians like to talk down the price of gasoline before the summer driving season begins. (Saudi Arabia needs a price of $80.90 USD to balance its budget, and fund the diversification of its economy.)
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WNU Editor: Here is an easy prediction. OPEC is not going to comply because the US is threatening them.
5 comments:
I guess they could go after foreign subsidiaries in the US, but there is nothing in international law that I know of which prevents collusion.
It is interesting that the House would go after foreigners rather than the Biden MalAdministraiotn as if the foreigners are more tractable.
MBS will give the Republicans the same stink eye that he gave and gives President Pretend and his fellow junta members.
Where all this oil comes from baffles me. And our profligate use of it is worrisome especially
considering the wars that go hand in hand with the stuff. Add to this our dependence on others for supply and a congress that doesn't seem to me to recognize what is on the horizon.....the old order changeth.
I'm gonna go out on a limb, and suggest that it Biden were to enable US oil production. That would drop the price, and actually hurt Russia in the long run. But I dont have the mental clarity of the esteemed president
3#9
You should take the office. You got more commonsense than Joe.
OPEC will not comply. And unless the US wants to re-live 1973 and the oil embargo, it needs to be careful. That was not fun.
lol yeah it's too obvious.
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