The No Oil Producing and Exporting Cartels bill gained traction among both parties, Democratic Senate Majority Leader Chuck Schumer said in his tweet that Saudi Arabia's actions will long be remembered by Americans.
Saudi Arabia did to help Putin continue to wage his despicable war against Ukraine, a cause that will be remembered by Americans. Schumer said in a tweet that they were looking at all the legislative tools to deal with this appalling and deeply cynical action, including the NOPEC bill.
The NOPEC bill gained momentum after the OPEC, led by Saudi Arabia and Russia, decided on Wednesday to reduce oil output by 2 million barrels per day. The decision comes in the wake of tight oil supplies that have been impacted by the war in Ukraine.
After the group announced its intentions, oil prices went up. The United States Brent Oil Fund BNO gained over 10% in the last five days, while the Vanguard Energy Index Fund ETF VDE rose more than 14% in the same period.
Senator Chuck Grassley, a Republican who sponsored NOPEC, said he was looking forward to attaching the measure as an amendment to the National Defense Authorization Act.
Grassley also criticized Biden's policies saying it is time to reverse some of the energy policies put in place on Day 1 of the President's office.
Welcome 2 Pres Biden America, where the strategic oil reserve is at the lowest level since 1983, the OPEC cartel is reducing oil production by 2 M barrels a day, a move that will be on the rise AGAIN Time to reverse the energy policies put in place on Day 1 by Pres Biden, Grassley said in his tweet.
NOPEC s Impact: If the bill is passed by both chambers of Congress and signed by President Joe Biden, NOPEC would change U.S. antitrust law to revoke the immunity that has so far protected OPEC members and their national oil companies from lawsuits, reported Reuters.
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