As the No Oil Producing and Exporting Cartels (NOPEC) The bill gained momentum from both parties, majority leaders in the Democratic Senate Chuck Schumer said in his tweet that Saudi Arabia’s actions will long be remembered by Americans.
“What Saudi Arabia did to help Putin continue his despicable, vicious war against Ukraine will long be remembered by Americans. We are reviewing all legislative tools to best deal with this appalling and deeply cynical action, including the NOPEC Act,” Schumer said in his tweet.
What Saudi Arabia did to help Putin continue his despicable, vicious war against Ukraine will long be remembered by Americans. We are examining all legislative tools to best deal with this appalling and deeply cynical action, including the NOPEC Act.
— Chuck Schumer (@SenSchumer) October 6, 2022
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momentum: The NOPEC bill then gained momentum OPEC+, a Saudi Arabia-Russia-led alliance, decided on Wednesday to cut oil production by 2 million barrels a day. The decision comes amid tight oil supplies, which have been impacted by the war in Ukraine.
Oil prices rose after the group’s announcement. That United States Brent Oil Fund BNO has gained over 10% in the last five days while the Vanguard Energy Index Fund ETF VDE increased by over 14% over the same period.
Senator Chuck Grassleya Republican who has sponsored NOPEC said he looks forward to attaching the measure as an amendment to the upcoming one State Defense Authorization Act, reported Reuters.
Grassley has also criticized Biden’s policies, saying it is time to reverse some of the energy policies introduced on the first day of the presidency.
“Welcome 2 Pres Biden America where strategic oil reserves are at their lowest since 1983 and the OPEC cartel cuts oil production by 2m barrels a day = ga$ price$ will rise AGAIN. Time to reverse the energy policies put in place Pres Biden’s Day 1 spot,” Grassley said in his…
