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
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