{"id":63791,"date":"2022-10-13T07:35:52","date_gmt":"2022-10-13T12:35:52","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63791"},"modified":"2022-10-13T07:35:52","modified_gmt":"2022-10-13T12:35:52","slug":"nopec-bill-wont-bring-oil-prices-down","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63791","title":{"rendered":"NOPEC Bill Won\u2019t Bring Oil Prices Down"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/NOPEC-Bill-Wont-Bring-Oil-Prices-Down.html\">NOPEC Bill Won\u2019t Bring Oil Prices Down<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\"><strong>Washington responded angrily to OPEC+\u2019s decision to cut output.<\/strong><\/li>\n<li aria-level=\"1\"><strong>U.S. legislators have suggested the introduction of a bill called NOPEC in order to reduce OPEC\u2019s power.<\/strong><\/li>\n<li aria-level=\"1\"><strong>NOPEC could send oil prices higher and end the dominance of the petrodollar.<\/strong><\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-10-12_kflpnhohd7.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-10-12_kflpnhohd7.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-10-12_kflpnhohd7.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>\u201cNobody f*cks with a Biden,\u201d said the U.S. president, and the oil ministers of the member countries of the\u00a0<a href=\"https:\/\/www.opec.org\/opec_web\/en\/index.htm\" target=\"_blank\" rel=\"noopener\">Organization of the Petroleum Exporting Countries (OPEC+)<\/a>\u00a0replied, \u201cHold my beer.\u201d\u00a0\u00a0OPEC+ then proceeded to approve production cuts of\u00a0<a href=\"https:\/\/www.axios.com\/2022\/10\/05\/opec-cutting-oil-output-rising-gas-prices\" target=\"_blank\" rel=\"noopener\">2 million barrels per day<\/a>, despite a\u00a0<a href=\"https:\/\/edition.cnn.com\/2022\/10\/04\/politics\/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms\/index.html\" target=\"_blank\" rel=\"noopener\">full court press<\/a>\u00a0by the administration in the weeks leading up to the decision, and\u00a0<a href=\"https:\/\/markets.businessinsider.com\/news\/commodities\/saudi-arabia-oil-prices-us-europe-russia-opec-production-cut-2022-10\" target=\"_blank\" rel=\"noopener\">raised the price<\/a>\u00a0of oil\u00a0for the U.S., lowered it for Europe, and left it unchanged for Asia. According to\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/10\/05\/statement-from-national-security-advisor-jake-sullivan-and-nec-director-brian-deese\/\" target=\"_blank\" rel=\"noopener\">National Security Advisor Jake Sullivan<\/a>, \u201cthe\u00a0President is disappointed by the shortsighted decision by OPEC+ to cut production quotas\u201d and \u201cthe Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC+\u2019s control over energy prices,\u201d neglecting to mention that Biden administration decisions to cancel the\u00a0<a href=\"https:\/\/www.dw.com\/en\/with-a-pen-stroke-president-joe-biden-cancels-keystone-xl-pipeline-project\/a-56285371\" target=\"_blank\" rel=\"noopener\">Keystone XL pipeline<\/a>\u00a0and to stop issuing new\u00a0<a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2021\/01\/27\/executive-order-on-tackling-the-climate-crisis-at-home-and-abroad\/\" target=\"_blank\" rel=\"noopener\">oil and gas leases<\/a>\u00a0on public lands gave OPEC+ the upper hand.<\/p>\n<p>Apparently, a\u00a0<a href=\"https:\/\/www.foxnews.com\/media\/bidens-fist-bump-saudi-arabias-mohammed-bin-salman-shocks-twitter\" target=\"_blank\" rel=\"noopener\">fist bump<\/a>\u00a0only gets you so far.<\/p>\n<p>There followed a lot of \u201chow dare they!\u201d by the great and good, but OPEC+ was having none of it. The day before the announcement, the Saudi energy minister\u00a0<a href=\"https:\/\/twitter.com\/SteveOsborneUS\/status\/1577723732822528000\" target=\"_blank\" rel=\"noopener\">dressed down<\/a>\u00a0a Reuters reporter for shoddy work by his colleague who claimed that Russia and Saudi Arabia (the Kingdom) conspired to price oil at $100 per barrel, and later explained OPEC+ was being\u00a0<a href=\"https:\/\/www.msn.com\/en-us\/news\/world\/why-saudi-arabia-defied-the-us-over-opec-oil-supply-cut\/ar-AA12I6Nx\" target=\"_blank\" rel=\"noopener\">proactive<\/a> as the West is attacking inflation with higher interest rates which, in turn, may cause a recession and drive down oil demand (and price)&#8230;<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>NOPEC Bill Won\u2019t Bring Oil Prices Down Washington responded angrily to OPEC+\u2019s decision to cut output. U.S. legislators have suggested the introduction of a bill called NOPEC in order to reduce OPEC\u2019s power. NOPEC could send oil prices higher and end the dominance of the petrodollar. \u201cNobody f*cks with a Biden,\u201d said the U.S. president, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[14384,25524,594,5332,25704,1264,827,834],"class_list":["post-63791","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-james-durso","tag-nopec","tag-oil-prices","tag-oilprice-com","tag-opec-2","tag-recession","tag-united-states","tag-us"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63791","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63791"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63791\/revisions"}],"predecessor-version":[{"id":63792,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63791\/revisions\/63792"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63791"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63791"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63791"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}