Posted By Rod Kaufman
I'll add that the Republicans are also jumping on the bandwagon:Originally Posted by Rod KaufmanOli producers already had thousands of leases they didn't act upon well before any of this appeared on the horizon. In the case of Texas, it couldn't even supply its own energy needs and would have suffered a grid failure if it didn't have the 20-30% production of electricity from wind/solar. And nobody sees Valenzuela as a savior for oil at anytime.
The WH and some in congress, have characterized what OPEC has done as a "hostile act" in cooperating with Russia on the production cuts. Thus, the following legislation has been proposed: "Reports say Rep. Tom Malinowski (D-New Jersey) suggested the US should pull troops and missile systems from the UAE and Saudi Arabia."
“This is a hostile act by Saudi Arabia and the UAE, designed to hurt the United States and our allies and to help Russia, despite President Biden’s overtures,” he wrote. “I’m introducing legislation with Rep. Sean Casten [D-Illinois] to withdraw our troops from both countries.” There is “no reason why we should defend a Saudi dictatorship’s oil fields if it is using its control of oil markets to tank our economy and help our enemies.”
"Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices."
"Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained by CNN that he plans to file his bill as an amendment to an upcoming defense spending bill."
"The legislation, which easily passed out of committee in May, would clear the way for the Justice Department to sue Saudi Arabia and other OPEC nations for antitrust violations."