OilPrice.com: Is The U.S. Preparing To Punish OPEC?
* U.S. consumers are showing significantly less concern about the U.S. energy situation than they did one year ago.
* The U.S. House of Representatives may once again consider a piece of legislation to pressure the OPEC oil producers’ group to stop making output cuts.
* The bill may be retaliation against the Arab OPEC countries, and a warning to others, for normalizing ties with Iran and Syria.
In early May, the U.S. House of Representatives Committee on the Judiciary was reportedly considering a bill to pressure the OPEC oil producers’ group to stop making output cuts by revoking the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. (The committee previously passed the bill in 2018, 2019 and 2021.)
The OPEC Basket Price has hovered in the mid $70s, not historically high, though U.S. politicians like to talk down the price of gasoline before the summer driving season begins. (Saudi Arabia needs a price of $80.90 USD to balance its budget, and fund the diversification of its economy.)
Read more ....
WNU Editor: Here is an easy prediction. OPEC is not going to comply because the US is threatening them.