New York
CNN Business
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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 OPEC+ announcement, the White House warned it will “consult with Congress on additional tools and authorities” designed to curb OPEC’s “control” over energy prices.
That vague statement appears to be a thinly veiled warning that President Joe Biden could consider a dramatic and risky step: Throwing his weight behind NOPEC legislation.
“That was a shot across the bow,” said Bob McNally, president of consulting firm Rapidan Energy Group. “I’m surprised they went there so quickly.”
Short for the No Oil Producing and Exporting Cartels Act, NOPEC would empower the Justice Department to go after Saudi Arabia and other OPEC nations for antitrust violations.
Yet some analysts warn such a move could backfire, setting the stage for a tit-for-tat battle with the world’s largest producer group that drives gasoline prices even higher.
“NOPEC is like a nuclear bomb. It’s hugely risky,” said McNally, who served as top energy official to former President George W. Bush. “If you don’t have somebody managing supply, you get space mountain oil price volatility.”
Republican Sen….
